ADM to offer $1 billion in convertible senior notes

by Eric Schroeder
Share This:

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.

Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.

The views expressed in the comments section of Food Business News do not reflect those of Food Business News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.