CHICAGO, Aug 27 (Bernama-BUSINESS WIRE) — ADM (NYSE: ADM) today announced that it has completed the second of its two previously announced capital raising transactions: the issuance of $300 million aggregate principal amount of zero-coupon bonds, due in 2023 and exchangeable into Wilmar shares. When combined with ADM’s secondary block trade of Wilmar shares, which settled on August 24, ADM has raised approximately $850 million of capital.
ADM expects to use the net proceeds from the transactions for general corporate purposes, including potential bolt-on acquisitions; the opportunistic repurchase of ADM shares, which has already begun; and the retirement of higher coupon long-term debt commensurate to the exchangeable bond to ensure the bond transaction is leverage-neutral.