By Jennifer Chiou
New York, Sept. 27 - Archer-Daniels-Midland Co. issued $527.68 million of new 4.535% senior debentures due 2042 in connection with the expiration of the early participation period for its previously announced exchange offers, according to an 8-K filing with the Securities and Exchange Commission.
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%.
As reported, the early participation date in the private exchange offers was extended to 5 p.m. ET on Sept. 23 from 5 p.m. ET on Sept. 21.
The debentures eligible for the offer are 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 of 5 p.m. ET on Sept. 21, holders had tendered $403,087,000 principal amount of debentures. The company previously stated that this satisfies 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.
Specifically, holders have tendered so far
• $60.08 million of the $281,891,000 of 7.5% debentures due 2027, for which the payout is $1,439.34 of new notes per $1,000 of notes;
• $59,265,000 of the $200 million of 6.75% debentures due 2027, with a payout of $1,349.44 of new notes;
• $100,296,000 of the $297.5 million of 6.625% debentures due 2029, for which the payout is $1,343.03 of new notes;
• $51,441,000 of the $245,668,000 of 7% debentures due 2031, with a payout of $1,395.49 of new notes;
• $57,608,000 of the $215,441,000 of 6.45% debentures due 2038, with a payout of $1,083.67 of new notes plus $251.02 cash; and
• $74,397,000 of the $250 million of 6.95% debentures due 2097, for which the payout is $1,229.71 of new notes plus $229.70 cash.
The exchange offers will expire at 11:59 p.m. ET on Oct. 5. They began on Sept. 8.
ADM procures, processes and merchandises agricultural commodities and products and is based in Decatur, Ill.
| Issuer: | Archer-Daniels-Midland Co.
|
| Issue: | Senior debentures
|
| Amount: | $527,681,000
|
| Maturity: | 2042
|
| Coupon: | 4.535%
|
| Settlement date: | Sept. 26
|
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