Archer Daniels Midland Company Announces Pricing of Tender Offers for up to $400 Million of Its Outstanding Debt
CHICAGO--(BUSINESS WIRE)-- Archer Daniels Midland Company (NYSE: ADM) today announced the following consideration to be paid in its previously announced cash tender offers for up to $400 million principal amount of its outstanding debentures (the “Debentures”).
|Title of Security Cusip No.||Reference Security Yield||Fixed Spread (basis points)||Early Tender Payment (a)||Total Consideration (a)||Tender Offer Consideration (a)||Accrued Interest (b)|
|8.875% Debentures||5.046%||48 bps||$20.00||$1,113.24||$1,093.24||$17.75|
|due April 2011|
|(CUSIP No. 039483AG7)|
|8.125% Debentures||5.046%||50 bps||$20.00||$1,109.81||$1,089.81||$5.87|
|due June 2012|
|(CUSIP No. 039483AJ1)|
|7.125% Debentures||5.046%||61 bps||$20.00||$1,070.38||$1,050.38||$22.96|
|due March 2013|
|(CUSIP No. 039483AK8)|
(a) Per $1,000 principal amount of Debentures accepted for purchase.
(b) Per $1,000 principal amount of Debentures accepted for purchase assuming a settlement date of June 27, 2007.
The reference yield was determined by Barclays Capital, Inc., Deutsche Bank Securities Inc., and Goldman, Sachs & Co., the dealer managers for the tender offers, based on the bid-side price for the applicable reference security at 2:00 p.m., New York City time, today, as described by the Offer to Purchase dated May 30, 2007.
Holders who tendered Debentures by 5:00 p.m., New York City time, on June 7, 2007 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 date of the tender offers (12:00 midnight, New York City time, on June 26, 2007 (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. Assuming the settlement date occurs on June 27, 2007, as currently expected, the accrued interest to be paid will be as set forth above.
Since the aggregate principal amount of Debentures validly tendered and not validly withdrawn prior to the expiration of the tender offers exceeds the $400 million tender cap, only $400,000,000 aggregate principal amount of the Debentures tendered will be accepted for purchase. All Debentures due 2011 will be accepted before any other Debentures are accepted. Once all the Debentures due 2011 have been accepted, Debentures due 2012 will be accepted, subject to the tender cap and proration of that series as described in the Offer to Purchase. Once all the Debentures due 2012 have been accepted, Debentures due 2013 will be accepted, subject to the tender cap and proration of that series as described in the Offer to Purchase. Any tendered Debentures not accepted will be promptly returned to the tendering parties.
For additional information regarding the terms of the tender offers, please contact: Barclays Capital, Inc. at (866) 307-8991 (toll free) or (212) 412-4072 (collect), Deutsche Bank Securities Inc. at (866) 627-0391 (toll free) or (212) 250-2955 (collect), and Goldman, Sachs & Co. at (877) 686-5059 (toll free) or (212) 902-5334 (collect). Requests for documents and questions regarding the tendering of Debentures may be directed to Global Bondholder Services Corporation at (866) 952-2200 (toll free) or (212) 430-3774 (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.
Archer Daniels Midland Company (ADM) is the world leader in BioEnergy and has a premier position in the agricultural processing value chain. ADM is one of the world’s largest processors of soybeans, corn, wheat and cocoa. ADM is a leading manufacturer of biodiesel, ethanol, soybean oil and meal, corn sweeteners, flour and other value-added food and feed ingredients. Headquartered in Decatur, Illinois, ADM has over 26,000 employees, more than 240 processing plants and net sales for the fiscal year ended June 30, 2006 of $37 billion. Additional information can be found on ADM’s Web site at http://www.admworld.com/.
ADM Media Relations