By Andrea Heisinger
Omaha, Feb. 28 - Archer-Daniels- Midland Co. (ADM) priced $700 million 5.45% 10-year notes Thursday to yield Treasuries plus 175 basis points, an informed source said.
The yield was on the tight end of price talk that was 175 to 180 bps more than Treasuries.
The notes (A2/A/A+) priced at 99.998 to yield 5.45%. They have a make-whole redemption option of Treasuries plus 30 bps.
Bookrunners were Banc of America Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.
Co-managers were Barclays Capital Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mitsubishi UFJ Securities International plc and Rabobank Securities USA, Inc.
Proceeds will be used for general corporate purposes. This may include meeting working capital requirements, funding capital expenditures and the possible acquisition of or investments in business and assets and repaying debt originally incurred for general corporate purposes.
The agricultural products processing company is based in Decatur, Ill.
| Issuer: | Archer-Daniels-Midland Co.
|
| Issue: | Senior notes
|
| Amount: | $700 million
|
| Maturity: | March 15, 2018
|
| Bookrunners: | Banc of America Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities Inc.
|
| Co-managers: | Barclays Capital Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Mitsubishi UFJ Securities International plc and Rabobank Securities USA, Inc.
|
| Coupon: | 5.45%
|
| Price: | 99.998
|
| Yield: | 5.45%
|
| Spread: | Treasuries plus 175 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | Feb. 28
|
| Settlement date: | March 4
|
| Price talk: | 175 to 180 bps
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
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