Corn Products prices debt offering at $300 million
April 05, 2007
by Eric Schroeder
WESTCHESTER, ILL. — Corn Products International, Inc. on Wednesday detailed the pricing of a public offering of $200 million aggregate principal amount of 6% senior unsecured notes due April 15, 2017, and a public offering of $100 million aggregate principal amount of 6.625% senior unsecured notes due April 15, 2037.
The transactions are expected to close on April 10.
Corn Products said it intends to use the net proceeds to pay its $255 million outstanding principal amount of 8.25% senior notes due July 15, 2007, as well as for general corporate purposes.
Following the announcement, Fitch Ratings assigned a "BBB" rating to Corn Products’ $200 million notes offering. Fitch said the ratings were supported "by the company’s competitive market position, geographic diversification and comprehensive product mix within the wet corn milling industry."