Chicago, Aug. 19 – ADM Ag Holding Ltd. priced $300 million of 0% bonds due 2023 exchangeable for Wilmar Intl. Ltd. shares on Wednesday at 104, according to a press release.
Price talk was for a reoffer price of 102 to 104 to yield negative 1.3% to negative 0.66% and an exchange premium of 20% to 25%, according to a market source.
Citigroup Global Markets Inc. is an active joint bookrunner for the Regulation S offering.
The notes are non-callable for 1.5 years and then subject to a 120% hurdle.
They will be redeemed at par.
The notes will be listed for trade on the Singapore Exchange Ltd.
Concurrently with the exchangeable bonds, the company is selling an aggregate $500 million shares of Wilmar in a block trade agreement with a syndicate of managers.
Price talk for the secondary offering is S$4.40 to S$4.55.
Following the offering, ADM will have an equity interest of at least 20% in Wilmar.
Proceeds will be used for working capital, capital expenditures and possible acquisitions.
ADM Ag is a subsidiary of ADM, a Chicago-based global food processing and commodities trading corporation.
Wilmar is a Singapore-based agribusiness group.
| Issuer: | ADM Ag Holding Ltd.
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| Guarantor: | ADM
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| Securities: | Exchangeable bonds
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| Amount: | $300 million
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| Maturity: | Aug. 26, 2023
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| Bookrunner: | Citigroup Global Markets Inc.
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| Coupon: | 0%
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| Price: | 104
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| Conversion rate: | 50,597.0453
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| Call options: | Non-callable for 1.5 years and then subject to a 120% hurdle
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| Pricing date: | Aug. 19
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| Settlement date: | Aug. 26
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| Distribution: | Regulation S
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| Talk: | Reoffer price of 102 to 104 to yield negative 1.3% to negative 0.66% and an exchange premium of 20% to 25%
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| Stock symbol: | OTCMKTS: WLMIF
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| Stock price: | S$4.77 on Aug. 19
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| Market capitalization: | S$30.89 billion
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