Business Wire | Sep 22, 2020 04:29PM EDT

ADM Announces Pricing of Offers to Purchase Certain Outstanding Securities

Sep. 22, 2020

CHICAGO--(BUSINESS WIRE)--Sep. 22, 2020--ADM (NYSE: ADM) today announced the following consideration to be paid for its previously announced cash tender offers for up to $664,843,000 aggregate principal amount of its below-listed outstanding debentures and notes (the "Securities").

Offer to Purchase Up to $664,843,000 Aggregate Principal Amount of the Outstanding Securities Listed Below

Acceptance U.S. U.S. Fixed Early Title of Priority Treasury Treasury Spread TenderSecurity Level Reference Reference (Basis Payment* Total CUSIP Security Yield Points) Consideration* No.

6.950% 1.250%Debentures 039483 1 UST due 1.412% +175 $30.00 $2,091.68due 2097 AP7 May 15, bps 2050

6.450% 1.250%Debentures 039483 2 UST due 1.412% +90 bps $30.00 $1,587.54due 2038 AX0 May 15, 2050

5.765% 1.250%Debentures 039483 3 UST due 1.412% +85 bps $30.00 $1,570.73due 2041 BC5 May 15, 2050

4.535% 1.250%Debentures 039483 4 UST due 1.412% +85 bps $30.00 $1,385.42due 2042 BE1 May 15, 2050

4.016% 1.250%Debentures 039483 5 UST due 1.412% +80 bps $30.00 $1,319.08due 2043 BH4 May 15, 2050

6.750% 0.625%Debentures 039483 6 UST due 0.664% +65 bps $30.00 $1,373.63due 2027 AN2 August 15, 2030

7.500% 0.625%Debentures 039483 7 UST due 0.664% +65 bps $30.00 $1,382.93due 2027 AM4 August 15, 2030

6.625% 0.625%Debentures 039483 8 UST due 0.664% +70 bps $30.00 $1,425.79due 2029 AR3 August 15, 2030

5.375% 0.625%Debentures 039483 9 UST due 0.664% +90 bps $30.00 $1,507.11due 2035 AU6 August 15, 2030

3.750% 1.250%Notes due 039483 10 UST due 1.412% +80 bps $30.00 $1,306.962047 BM3 May 15, 2050

7.000% 0.625%Debentures 039483 11 UST due 0.664% +70 bps $30.00 $1,542.55due 2031 AS1 August 15, 2030

5.935% 0.625%Debentures 039483 12 UST due 0.664% +65 bps $30.00 $1,512.33due AT9 August2032 15, 2030

*

Per $1,000 principal amount of Securities accepted for purchase and Total Consideration amounts include Early Tender Payments.

The reference yield was determined by BofA Securities and J.P. Morgan Securities LLC, the lead dealer managers for the tender offers, based on the bid-side price for the applicable U.S. Treasury reference security at 10:00 a.m., New York City time, today, as described in the Offer to Purchase dated September 8, 2020 (as may be supplemented from time to time, the "Offer to Purchase").

Holders who tendered Securities by 5:00 p.m., New York City time, on September 21, 2020, are eligible to receive the applicable total consideration (which includes the applicable early tender payment set out above). The applicable total consideration was determined as described in the Offer to Purchase based on the present value of future payments on the applicable Securities discounted to the Early Settlement Date at a rate equal to the sum of the yield to maturity for the applicable reference security, calculated by the lead dealer managers based on the bid-side price at 10:00 a.m., New York City time, today, plus the applicable fixed spread, minus accrued interest up to, but not including, the Early Settlement Date, which is currently expected to be September 23, 2020.

It is expected that ADM will purchase up to $664,843,000 aggregate principal amount of the above-listed tendered Securities on the Early Settlement Date, which represents the full amount of the Securities tendered and not withdrawn by the Early Tender Time.

Withdrawal rights for the tender offers expired at 5:00 p.m., New York City time, on September 21, 2020.

The consummation of the tender offers is conditioned upon the satisfaction or waiver of the conditions set forth in the Offer to Purchase.

For additional information regarding the terms of the tender offers, please contact: BofA Securities at (980) 387-3907 (collect) or debt_advisory@bofa.com or J.P. Morgan Securities LLC at (866) 834-4666 (toll-free) or (212) 834-3424 (collect). Requests for documents and questions regarding the tendering of Securities may be directed to D.F. King & Co., Inc. at (800) 859-8509 (toll free) or (212) 269-5550 (collect) or at adm@dfking.com.

ADM's obligations to accept any Securities tendered and to pay the applicable consideration for them are set forth solely in the Offer to Purchase and related Letter of Transmittal. This press release is not an offer to purchase or a solicitation of acceptance of the tender offers. Subject to applicable law, ADM may amend, extend or, subject to certain conditions, terminate the tender offers.

Forward-Looking StatementsSome of the above statements constitute forward-looking statements. ADM's filings with the Securities and Exchange Commission provide detailed information on such statements and risks, and should be consulted along with this announcement. To the extent permitted under applicable law, ADM assumes no obligation to update any forward-looking statements.

About ADMAt ADM, we unlock the power of nature to provide access to nutrition worldwide. With industry-advancing innovations, a complete portfolio of ingredients and solutions to meet any taste, and a commitment to sustainability, we give customers an edge in solving the nutritional challenges of today and tomorrow. We're a global leader in human and animal nutrition and the world's premier agricultural origination and processing company. Our breadth, depth, insights, facilities and logistical expertise give us unparalleled capabilities to meet needs for food, beverages, health and wellness, and more. From the seed of the idea to the outcome of the solution, we enrich the quality of life the world over. Learn more at www.adm.com.

Source: Corporate release

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CONTACT: ADM Media Relations Jackie Anderson media@adm.com 312-634-8484