CHICAGO--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) today announced the following
consideration to be paid in its previously announced cash tender offers
for up to $1,000,000,000 aggregate purchase price of its outstanding
debentures (the “Debentures”).
Up to $1,000,000,000 Aggregate Purchase Price of the Outstanding
Debentures Listed Below
|
Title of Security
(CUSIP No.)
|
|
Maximum Tender
Amount
|
|
Acceptance
Priority Level
|
|
U.S. Treasury
Reference
Security
|
|
Fixed Spread
(Basis Points)
|
|
Early Tender
Payment*
|
|
Total
Consideration*
|
6.950% Debentures due 2097
(039483 AP7)
|
|
N/A
|
|
1
|
|
2.500% due
February 15, 2045
|
|
+170 bps
|
|
$30.00
|
|
$1,438.63
|
5.375% Debentures due 2035
(039483 AU6)
|
|
N/A
|
|
2
|
|
2.500% due
February 15, 2045
|
|
+95 bps
|
|
$30.00
|
|
$1,181.42
|
5.765% Debentures due 2041
(039483 BC5)
|
|
N/A
|
|
3
|
|
2.500% due
February 15, 2045
|
|
+100 bps
|
|
$30.00
|
|
$1,262.55
|
5.935% Debentures due 2032
(039483 AT9)
|
|
N/A
|
|
4
|
|
2.500% due
February 15, 2045
|
|
+85 bps
|
|
$30.00
|
|
$1,246.38
|
6.625% Debentures due 2029
(039483 AR3)
|
|
N/A
|
|
5
|
|
2.125% due
May 15, 2025
|
|
+155 bps
|
|
$30.00
|
|
$1,288.40
|
6.750% Debentures due 2027
(039483 AN2)
|
|
N/A
|
|
6
|
|
2.125% due
May 15, 2025
|
|
+145 bps
|
|
$30.00
|
|
$1,289.85
|
7.500% Debentures due 2027
(039483 AM4)
|
|
N/A
|
|
7
|
|
2.125% due
May 15, 2025
|
|
+145 bps
|
|
$30.00
|
|
$1,346.23
|
7.000% Debentures due 2031
(039483 AS1)
|
|
N/A
|
|
8
|
|
2.500% due
February 15, 2045
|
|
+95 bps
|
|
$30.00
|
|
$1,338.26
|
6.450% Debentures due 2038
(039483 AX0)
|
|
N/A
|
|
9
|
|
2.500% due
February 15, 2045
|
|
+105 bps
|
|
$30.00
|
|
$1,334.42
|
8.375% Debentures due 2017
(039483 AH5)
|
|
N/A
|
|
10
|
|
0.625% due
May 31, 2017
|
|
+25 bps
|
|
$30.00
|
|
$1,131.43
|
4.479% Debentures due 2021
(039483 BB7)
|
|
$250,000,000(a)
|
|
11
|
|
1.375% due
April 30, 2020
|
|
+50 bps
|
|
$30.00
|
|
$1,120.94
|
* Per $1,000 principal amount of Debentures accepted for purchase
(a) Subject to a maximum tender amount of $250,000,000 aggregate
principal amount as described in the Offer to Purchase
The reference yield was determined by Barclays Capital Inc., BofA
Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities
LLC, the lead dealer managers for the tender offers, based on the
bid-side price for the applicable U.S. Treasury security at 11:00 a.m.,
New York City time, today, as described in the Offer to Purchase dated
June 1, 2015.
Holders who tender Debentures by 5:00 p.m., New York City time, on June
30, 2015, will be eligible to receive the applicable total consideration
(which includes the applicable early tender payment set out above).
In addition, holders of Debentures accepted for purchase will be paid
accrued interest to but excluding the settlement date. Withdrawal rights
for the tender offers expired at 5:00 p.m., New York City time, on June
12, 2015.
The company will only purchase up to $1,000,000,000 aggregate purchase
price of the Debentures in the tender offers, and the amount of each
series of Debentures that will be purchased will be determined in
accordance with the Acceptance Priority Levels set forth above and may
be prorated as described in the Offer to Purchase. In addition, the
aggregate principal amount of the 4.479% Debentures due 2021 (the “2021
Notes”) that may be purchased is subject to a maximum tender amount of
$250,000,000 as described in the Offer to Purchase. Because, as
previously disclosed, the principal amount of the 2021 Notes tendered
already exceeds such maximum tender amount, any 2021 Notes that are
purchased after applying the aggregate purchase price limitation and the
Acceptance Priority Levels will be prorated.
The consummation of the tender offers is conditioned upon the
satisfaction or waiver of the conditions, including the financing
condition, set forth in the Offer to Purchase.
For additional information regarding the terms of the tender offers,
please contact: Barclays Capital Inc. at (800) 438-3242 (toll-free) or
(212) 528-7581 (collect); BofA Merrill Lynch at (888) 292-0070
(toll-free) or (980) 387-3907 (collect); Citigroup Global Markets Inc.
at (800) 558-3745 (toll-free) or (212) 723-6106 (collect); or J.P.
Morgan Securities LLC at (800) 834-4666 (toll-free) or (212) 834-4811
(collect). Requests for documents and questions regarding the tendering
of Debentures may be directed to D.F. King & Co., Inc. at (866) 342-8290
(toll free) or (212) 269-5550 (collect) or at adm@dfking.com.
ADM’s obligations to accept any Debentures tendered and to pay the
applicable consideration for them are set forth solely in the Offer to
Purchase and related Letter of Transmittal. This press release is not an
offer to purchase or a solicitation of acceptance of the tender offers.
Subject to applicable law, ADM may amend, extend or, subject to certain
conditions, terminate the tender offers.
About ADM
For more than a century, the people of Archer Daniels Midland Company
(NYSE: ADM) have transformed crops into products that serve the vital
needs of a growing world. Today, we’re one of the world’s largest
agricultural processors and food ingredient providers, with more than
33,000 employees serving customers in more than 140 countries. With a
global value chain that includes more than 460 crop procurement
locations, 300 ingredient manufacturing facilities, 40 innovation
centers and the world’s premier crop transportation network, we connect
the harvest to the home, making products for food, animal feed, chemical
and energy uses.
Archer Daniels Midland Company
Media Relations
Jackie Anderson, 312-634-8484
media@adm.com