ADM to offer $1 billion in convertible senior notes
February 15, 2007
by Eric Schroeder
DECATUR, ILL. — Archer Daniels Midland Co. on Wednesday said it plans to offer $1 billion in convertible senior notes due 2014 to institutional buyers.
ADM said it plans to use part of the proceeds to buy back up to $400 million in common stock at the close of the transaction, which is subject to customary conditions. Proceeds also will be used to fund convertible note hedge transactions.
The company said remaining proceeds will be added to ADM’s working capital and will be used for general corporate uses.