By Angela McDaniels
Tacoma, Wash., Sept. 22 - Archer-Daniels-Midland Co. extended the early participation date in its private exchange offers to 5 p.m. ET on Sept. 23 from 5 p.m. ET on Sept. 21, according to a company news release.
The debentures eligible for the offer are the company's 7.5% debentures due 2027, 6.75% debentures due 2027, 6.625% debentures due 2029, 7% debentures due 2031, 6.45% debentures due 2038 and 6.95% debentures due 2097.
As of 5 p.m. ET on Sept. 21, holders had tendered $403,087,000 principal amount of debentures. This satisfies the condition that enough debentures be tendered by the early participation date to result in the issuance of $250 million principal amount of new debentures.
The company is offering new 4.535% senior debentures due 2042 and, for some series of old debentures, cash.
The table below notes the amount of debentures tendered so far and the payment to be received per $1,000 principal amount of debentures tendered by the early participation date. This includes an early participation premium equal to $30.00 principal amount of new notes.
The settlement date for debentures tendered by the early participation date is expected to be Sept. 26.
The exchange offers will expire at 11:59 p.m. ET on Oct. 5. They began on Sept. 8.
The coupon of the new debentures was determined using the yield on the 4.375% Treasury due May 15, 2014 at 11 a.m. ET on Sept. 21. The bid-side yield was 3.185%.
The exchange offers are only being made, and copies of the offering documents will only be made available, to holders who are qualified institutional buyers as defined in Rule 144A under the Securities Act or who are not U.S. persons as defined in Regulation S under the Securities Act.
The information agent is D.F. King & Co., Inc. (800 431-9645 or 212 269-5550).
ADM procures, processes and merchandises agricultural commodities and products and is based in Decatur, Ill.
ADM exchange offer results as of Sept. 21
| Debentures | Outstanding amount | Amount tendered | Exchange amount
|
| 7.5% debentures due 2027 | $281,891,000 | $60.08 million | $1,439.34 of new notes
|
| 6.75% debentures due 2027 | $200 million | $59,265,000 | $1,349.44 of new notes
|
| 6.625% debentures due 2029 | $297.5 million | $100,296,000 | $1,343.03 of new notes
|
| 7% debentures due 2031 | $245,668,000 | $51,441,000 | $1,395.49 of new notes
|
| 6.45% debentures due 2038 | $215,441,000 | $57,608,000 | $1,083.67 of new notes plus $251.02 cash
|
| 6.95% debentures due 2097 | $250 million | $74,397,000 | $1,229.71 of new notes plus $229.70 cash
|
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