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Archer Daniels Midland Company Announces Pricing of Tender Offers for $500 Million of Its Outstanding Debt

03/09/2010

DECATUR, Ill.--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) today announced the following consideration to be paid in its previously announced cash tender offers for $500 million principal amount of its outstanding debentures (the “Debentures”).

                     
    Fixed   Early    
Title of Reference Spread Tender Tender Offer Total
Series Security (basis Payment Consideration Consideration
(CUSIP No.)   Yield   points)   (a)   (a)   (a)
6.45% Debentures due

4.705%

93 bps

$30.00

$1,083.75

$1,113.75

January 2038
(CUSIP No. 039483AX0)  

 

 

 

 

 

 

 

 

 

7% Debentures due

4.705%

100 bps

$30.00

$1,126.80

$1,156.80

February 2031
(CUSIP No. 039483AS1)  

 

 

 

 

 

 

 

 

 

7.5% Debentures due

4.705%

105 bps

$30.00

$1,157.69

$1,187.69

March 2027
(CUSIP No. 039483AM4)  

 

 

 

 

 

 

 

 

 

(a) Per $1,000 principal amount of Debentures accepted for purchase.

The reference yield was determined by Barclays Capital Inc., BNP Paribas Securities Corp., and HSBC Securities (USA) Inc., the dealer managers for the tender offers, based on the bid-side price for the applicable treasury security at 2:00 p.m., New York City time, today, as described in the Offer to Purchase dated February 11, 2010.

Holders who tendered Debentures by 5:00 p.m., New York City time, on February 22, 2010, will be eligible to receive the total consideration (as set forth above), and holders who tender Debentures after such date and prior to the expiration of the tender offers (12:00 midnight, New York City time, on March 11, 2010, (unless extended) will be eligible to receive the tender offer consideration (as set forth 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 February 22, 2010.

The aggregate principal amounts of Debentures accepted will depend upon the acceptance priority level of each series and the proration mechanics described in the Offer to Purchase. As the aggregate principal amounts of Debentures already tendered at higher priority levels exceeds $500 million, ADM is terminating the tender offers for the following series which represented the three lowest priority levels: 6.625% Debentures due May 2029 (CUSIP No. 039483AR3), 6.75% Debentures due December 2027 (CUSIP No. 039483AN2) and 8.375% Debentures due April 2017 (CUSIP No. 039483AH5). Any Debentures in these three series already tendered to date and any other tendered Debentures not accepted will be promptly returned to the holders thereof.

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), BNP Paribas Securities Corp. at (212) 841-3059 (collect), and HSBC Securities (USA) Inc. at (888) HSBC-4LM (toll free) or (212) 525-5552 (collect). Requests for documents and questions regarding the tendering of Debentures may be directed to D.F. King & Co., Inc. at (800) 659-5550 (toll free) or (212) 269-5550 (collect).

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 the 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

Every day, the 28,000 people of Archer Daniels Midland Company (NYSE: ADM) turn crops into renewable products that meet the demands of a growing world. At more than 230 processing plants, we convert corn, oilseeds, wheat and cocoa into products for food, animal feed, chemical and energy uses. We operate the world’s premier crop origination and transportation network, connecting crops and markets in more than 60 countries. Our global headquarters is in Decatur, Illinois, and our net sales for the fiscal year ended June 30, 2009, were $69 billion. For more information about our Company and our products, visit www.adm.com.

ADM Media Relations, 217-424-5413
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