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Archer Daniels Midland Company
ADM Prices Equity Units Offering of Up To $2 Billion
June 14th, 2008
Archer Daniels Midland Company (NYSE:ADM) announced that it has priced its offering of up to $2 billion of equity units. ADM will issue 35,000,000 equity units with a stated amount of $50 per unit and has granted the underwriters an option to purchase up to 5,000,000 additional equity units to cover over-allotments. The equity units carry a total distribution rate of 6.25%, and the threshold appreciation price of the equity units is $47.83, which represents a premium of approximately 20% over the closing price of ADM's common stock of $39.86 on May 28, 2008. The equity units will initially consist of a contract to purchase ADM common stock and a 5.0% beneficial...
Source: Law & Health Weekly (2008-06-14)
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