Published on 9/11/2017 in the Prospect News Investment Grade Daily.
New Issue: ADM sells $500 million 3.75% 30-year notes at 105 bps over Treasuries
By Cristal Cody
Tupelo, Miss., Sept. 11 – Archer-Daniels-Midland Co. priced $500 million of 3.75% 30-year senior notes (A2/A/A) on Monday at 99.535 to yield 3.776%, or Treasuries plus 105 basis points, according to an FWP filed with the Securities and Exchange Commission.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays and BofA Merrill Lynch were the bookrunners.
Proceeds will be used for general corporate purposes, including repaying commercial paper.
The Chicago-based company processes agricultural commodities and manufactures food and feed ingredients.
Issuer: | Archer-Daniels-Midland Co.
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Amount: | $500 million
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Description: | Senior notes
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Maturity: | Sept. 15, 2047
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Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays and BofA Merrill Lynch
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Co-managers: | BNP Paribas Securities Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and MUFG
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Coupon: | 3.75%
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Price: | 99.535
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Yield: | 3.776%
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Spread: | Treasuries plus 105 bps
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Call features: | Make-whole call at greater of par and Treasuries plus 20 bps before March 15, 2047; thereafter at par
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Trade date: | Sept. 11
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Settlement date: | Sept. 14
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Ratings: | Moody’s: A2
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| S&P: A
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| Fitch: A
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Distribution: | SEC registered
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