Archer Daniels Midland Company (NYSE:ADM) today announced the
final results of its previously announced cash tender offers for up
to $1,000,000,000 aggregate purchase price of its outstanding
debentures (the “Debentures”), which expired at 5:00 p.m., New York
City time, on June 30, 2015. ADM has also determined that the
financing condition described in the Offer to Purchase dated June
1, 2015 has been satisfied.
ADM has accepted for purchase $794,348,000 aggregate principal
amount of Debentures validly tendered and not withdrawn. The tender
offers were previously amended to extend the early tender time to
5:00 p.m., New York City time, on June 30, 2015. Pursuant to the
terms of the tender offers, as amended, ADM will pay aggregate
Total Consideration of $961,416,860.46 for the Debentures accepted
for purchase.
As further described in the Offer to Purchase, ADM accepted the
Debentures for purchase in accordance with the Acceptance Priority
Levels set forth in the table below and up to the aggregate
purchase price of $1,000,000,000. ADM accepted for purchase 100% of
the Debentures listed in the table below at Acceptance Priority
Levels 1-10. Because the aggregate principal amount of the 4.479%
Debentures due 2021 (the “2021 Notes”) that may be purchased is
subject to a maximum tender amount of $250,000,000, ADM accepted
for purchase on a pro rata basis approximately 77.4% of the 2021
Notes tendered.
ADM expects to make payment for the Debentures accepted for
purchase in same-day funds today. Holders of Debentures accepted
for purchase will be paid accrued interest to but excluding today.
The Debentures not accepted for purchase will be promptly credited
to the account of the registered holder of such Debentures with The
Depository Trust Company or otherwise returned in accordance with
the Offer to Purchase.
Up to $1,000,000,000 Aggregate Purchase
Price of the Outstanding Debentures Listed Below
Title of Security(CUSIP No.) Maximum Tender
Amount Acceptance Priority Level
Principal Amount Outstanding Principal Amount
Tendered Principal Amount Accepted
Total Consideration* 6.950% Debentures due 2097(039483 AP7)
N/A 1 $172,103,000 $13,584,000
$13,584,000 $1,438.63 5.375% Debentures due 2035(039483 AU6)
N/A 2 $600,000,000 $130,008,000
$130,008,000 $1,181.42 5.765% Debentures due 2041(039483
BC5) N/A 3 $595,796,000 $217,428,000
$217,428,000 $1,262.55 5.935% Debentures due
2032(039483 AT9) N/A 4 $420,208,000
$37,553,000 $37,553,000 $1,246.38 6.625% Debentures
due 2029(039483 AR3) N/A 5 $182,213,000
$22,390,000 $22,390,000 $1,288.40 6.750% Debentures
due 2027(039483 AN2) N/A 6 $123,580,000
$5,131,000 $5,131,000 $1,289.85 7.500% Debentures due
2027(039483 AM4) N/A 7 $186,668,000
$36,406,000 $36,406,000 $1,346.23 7.000% Debentures
due 2031(039483 AS1) N/A 8 $184,580,000
$20,168,000 $20,168,000 $1,338.26 6.450% Debentures
due 2038(039483 AX0) N/A 9 $153,683,000
$26,964,000 $26,964,000 $1,334.42 8.375% Debentures
due 2017(039483 AH5) N/A 10 $295,300,000
$34,719,000 $34,719,000 $1,131.43 4.479%
Debentures due 2021(039483 BB7) $250,000,000(a) 11
$750,000,000 $322,843,000 (b) $249,997,000
$1,120.94 * Per $1,000 principal amount of Debentures
accepted for purchase (a) Subject to a maximum tender amount of
$250,000,000 aggregate principal amount as described in the Offer
to Purchase (b) The principal amount tendered exceeded the maximum
tender amount of $250,000,000 aggregate principal amount as
described in the Offer to Purchase
Barclays Capital Inc., BofA Merrill Lynch, Citigroup Global
Markets Inc. and J.P. Morgan Securities LLC, served as lead dealer
managers, and D.F. King & Co., Inc. served as the tender and
information agent for the tender offers. For additional information
regarding the tender offers, please contact: Barclays Capital Inc.
at (800) 438-3242 (toll-free) or (212) 528-7581 (collect); BofA
Merrill Lynch at (888) 292-0070 (toll-free) or (980) 387-3907
(collect); Citigroup Global Markets Inc. at (800) 558-3745
(toll-free) or (212) 723-6106 (collect); J.P. Morgan Securities LLC
at (800) 834-4666 (toll-free) or (212) 834-4811 (collect); or D.F.
King & Co., Inc. at (866) 342-8290 (toll free) or (212)
269-5550 (collect).
This press release is not an offer to purchase or a solicitation
of acceptance of the tender offers.
About ADM
For more than a century, the people of Archer Daniels Midland
Company (NYSE: ADM) have transformed crops into products that serve
the vital needs of a growing world. Today, we’re one of the world’s
largest agricultural processors and food ingredient providers, with
more than 33,000 employees serving customers in more than 140
countries. With a global value chain that includes more than 460
crop procurement locations, 300 ingredient manufacturing
facilities, 40 innovation centers and the world’s premier crop
transportation network, we connect the harvest to the home, making
products for food, animal feed, chemical and energy uses.
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version on businesswire.com: http://www.businesswire.com/news/home/20150701005716/en/
Archer Daniels Midland CompanyMedia
RelationsJackie Anderson, 312-634-8484media@adm.com
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