By Andrea Heisinger
New York, Feb. 9 - Archer-Daniels-Midland Co. sold $1.5 billion of 18-month senior floating-rate notes on Wednesday at par to yield Libor plus 16 basis points, a source close to the sale said.
The notes (A2/A/A) are non-callable. They feature a change-of-control put at 101%.
Barclays Capital Inc., Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, including working capital, capital expenditures and possible acquisitions of or investments in businesses and assets. Proceeds may also be used to repay debt originally incurred for general corporate purposes.
The processor of agricultural products is based in Decatur, Ill.
| Issuer: | Archer-Daniels-Midland Co.
|
| Issue: | Senior floating-rate notes
|
| Amount: | $1.5 billion
|
| Maturity: | Aug. 13, 2012
|
| Bookrunners: | Barclays Capital Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc.
|
| Coupon: | Three-month Libor plus 16 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 16 bps
|
| Call: | Non-callable
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 9
|
| Settlement date: | Feb. 11
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
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