By William Gullotti and Cristal Cody
Buffalo, N.Y., March 29 – Archer-Daniels-Midland Co. priced a $500 million offering of 4.5% long 10-year notes (A2/A/A) at 99.074 on Wednesday, according to an FWP filing and a 424B2 filing with the Securities and Exchange Commission.
Pricing came in at Treasuries plus 105 basis points to yield 4.614%.
Price talk was in the Treasuries plus 130 bps area, according to a market source.
The notes have a make-whole call at Treasuries plus 20 bps until May 15, 2033, followed by a par call until maturity.
BofA Securities, Inc., Citigroup Global Markets Inc., Barclays, Deutsche Bank Securities Inc. and MUFG Securities Americas Inc. are the joint bookrunning managers for offering.
Proceeds will be used for general corporate purposes, which may include repayment of the company’s commercial paper. As of Dec. 31, the company’s outstanding commercial paper was $300 million, had a weighted average interest rate of 4.32% and had a weighted average maturity of eight days.
The Chicago-based company processes agricultural commodities and manufactures food and feed ingredients.
| Issuer: | Archer-Daniels-Midland Co.
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| Amount: | $500 million
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| Issue: | Notes
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| Maturity: | Aug. 15, 2033
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| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Barclays, Deutsche Bank Securities Inc. and MUFG Securities Americas Inc.
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| Co-managers: | BNP Paribas Securities Corp. and J.P. Morgan Securities LLC
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| Trustee: | Bank of New York Mellon
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| Counsel to issuer: | Faegre Drinker Biddle & Reath LLP
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| Counsel to underwriters: | Mayer Brown LLP
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| Coupon: | 4.5%
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| Price: | 99.074
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| Yield: | 4.614%
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| Spread: | Treasuries plus 105 bps
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| Call features: | Make-whole call at Treasuries plus 20 bps until May 15, 2033; par call thereafter
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| Change of control: | At 101
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| Trade date: | March 29
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| Settlement date: | April 3
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| Ratings: | Moody’s: A2
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| S&P: A
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| Fitch: A
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 130 bps area
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| Cusip: | 039482AE4
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