Land O'Lakes' tender offer for $150 million 8¾% notes oversubscribed at high price

New York, Nov. 22 - Land O'Lakes, Inc. said its modified Dutch auction tender offer for up to $150 million of its $346.234 million 8¾% senior notes due 2011 was oversubscribed at the high end of the range it set.

By the expiration date, the company received tenders for $159.264 million of the notes. It said it will buy the maximum $150 million at $1,070 per $1,000 principal amount.

A pro ration factor of 94.2% will be applied.

The company announced the tender on Oct. 24 and said offers to sell would be accepted at prices from $1,040 to $1,070 per $1,000 principal amount. Land O'Lakes will accept tendered notes starting with the lowest price until it reaches a level that allows it to buy $150 million of notes. All notes will be bought at that price.

Holders will also receive accrued interest up to but excluding the date of purchase.

The offer ended at midnight ET on Nov. 21.

The Arden Hills, Minn., food and agricultural cooperative will use "excess liquidity" to fund the tender.

J.P. Morgan Securities Inc. is dealer manager (866 834-4666 or call collect 212 834-3424). MacKenzie Partners, Inc. is information agent (800 322-2885 or call collect 212 929-5500). U.S. Bank NA is depositary.

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