By Jennifer Chiou
New York, Oct. 6 - Archer-Daniels-Midland Co. announced the expiration of its private exchange offers at 11:59 p.m. ET on Oct. 5. The company took in overall tenders for $403,786,000 of debentures.
The exchange offers began on Sept. 8.
The debentures eligible for the offer included the company's 7.5% debentures due 2027, 6.75% debentures due 2027, 6.625% debentures due 2029, 7% debentures due 2031, 6.45% debentures due 2038 and 6.95% debentures due 2097.
As previously reported, the early participation date was extended to 5 p.m. ET on Sept. 23 from 5 p.m. ET on Sept. 21. At the previous deadline, holders had tendered $403,087,000 of the securities, satisfying the condition that enough debentures be tendered by the early participation date to result in the issuance of $250 million principal amount of new debentures.
The company offered new 4.535% senior debentures due 2042 and, for some series of old debentures, cash.
The table below notes the amount of debentures tendered and the payment to be received per $1,000 principal amount of debentures tendered by the early participation date. This includes an early participation premium equal to $30.00 principal amount of new notes.
The settlement date is expected on Oct. 7.
The coupon of the new debentures was determined using the yield on the 4.375% Treasury due May 15, 2014 at 11 a.m. ET on Sept. 21. The bid-side yield was 3.185%.
The exchange offers were only being made to holders who are qualified institutional buyers as defined in Rule 144A under the Securities Act or who are not U.S. persons as defined in Regulation S under the Securities Act.
The information agent was D.F. King & Co., Inc. (800 431-9645 or 212 269-5550).
ADM procures, processes and merchandises agricultural commodities and products and is based in Decatur, Ill.
ADM exchange offer results
Debentures Outstanding amount Amount tendered Exchange amount
| 7.5% debentures due 2027 | $281,891,000 | $60.1 million | $1,439.34 of new notes
|
| 6.75% debentures due 2027 | $200 million | $59,265,000 | $1,349.44 of new notes
|
| 6.625% debentures due 2029 | $297.5 million | $100,396,000 | $1,343.03 of new notes
|
| 7% debentures due 2031 | $245,668,000 | $52,014,000 | $1,395.49 of new notes
|
| 6.45% debentures due 2038 | $215,441,000 | $57,614,000 | $1,083.67 of new notes plus $251.02 cash
|
| 6.95% debentures due 2097 | $250 million | $74,397,000 | $1,229.71 of new notes plus $229.70 cash
|
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