By Cristal Cody
Tupelo, Miss., Nov. 28 – Archer-Daniels-Midland Co. priced $1 billion of senior notes (A2/A/A) in two tranches on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
A $400 million tranche of 3.375% notes due March 15, 2022 priced at 99.896 to yield 3.41%. The notes were sold with a Treasuries plus 58 basis points spread.
The company sold $600 million of 4.5% notes due 2049 at 98.945 to yield 4.565%, or a spread of 123 bps over Treasuries.
Barclays, Deutsche Bank Securities Inc., BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including to repay commercial paper.
The Chicago-based company processes agricultural commodities and manufactures food and feed ingredients.
| Issuer: | Archer-Daniels-Midland Co.
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, Deutsche Bank Securities Inc., BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
|
| Co-managers: | BNP Paribas Securities Corp. and MUFG
|
| Trade date: | Nov. 28
|
| Settlement date: | Dec. 3
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Three-year notes
|
| Amount: | $400 million
|
| Maturity: | March 15, 2022
|
| Coupon: | 3.375%
|
| Price: | 99.896
|
| Yield: | 3.41%
|
| Spread: | Treasuries plus 58 bps
|
| Call features: | Make-whole call at greater of par or Treasuries plus 10 bps before Feb. 15, 2022; thereafter at par
|
| Change-of-control put: | 101%
|
|
|
| 30-year notes
|
| Amount: | $600 million
|
| Maturity: | March 15, 2049
|
| Coupon: | 4.5%
|
| Price: | 98.945
|
| Yield: | 4.565%
|
| Spread: | Treasuries plus 123 bps
|
| Call features: | Make-whole call at greater of par or Treasuries plus 20 bps before Sept. 15, 2048; thereafter at par
|
| Change-of-control put: | 101%
|
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