Corn Products International Announces $900 Million Senior Note Offering and Subsequent Pricing
September 15 2010 - 4:36PM
Business Wire
Corn Products International (NYSE: CPO), a leading global
provider of agriculturally derived ingredients to diversified
industries, has announced a $900 million senior unsecured note
offering, consisting of $350 million aggregate principal amount of
3.200 percent notes due November 1, 2015, $400 million aggregate
principal amount of 4.625 percent notes due November 1, 2020, and
an additional $150 million aggregate principal amount of its 6.625
percent notes due April 15, 2037.
The offering was made pursuant to a registration statement filed
with the U.S. Securities and Exchange Commission. The transaction
is expected to close on September 17, 2010, subject to customary
closing conditions.
Corn Products plans to use the net proceeds of the offering to
fund a portion of the cash consideration payable in connection with
its pending acquisition of National Starch, the specialty starches
business of Akzo Nobel N.V.
J.P. Morgan Securities LLC, Banc of America Securities LLC and
Citigroup Global Markets Inc. acted as joint book-running managers
for the offering.
This offering of senior unsecured notes may be made only by
means of a prospectus supplement and an accompanying prospectus.
Copies of the prospectus supplement and the accompanying prospectus
relating to this offering can be obtained from:
J.P. Morgan Securities LLC
Banc of America Securities LLC
Citigroup Global Markets
Inc. 383 Madison Avenue 100 West 33rd Street Brooklyn Army Terminal
New York, NY 10179 New York, NY 10001 140 58th Street, 8th floor
Attn: -- Investment Grade Attn: -- Prospectus Department Brooklyn,
NY 11220 Syndicate Desk Attn: Prospectus Department 212-834-4533
800-294-1322 877-858-5407
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these senior unsecured notes in any jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction.
Corn Products International is one of the world's largest
suppliers of high-quality food ingredients and industrial products
derived from the wet milling and processing of starch-based
materials. The Company, headquartered in Westchester, Ill., is a
leading worldwide producer of dextrose and a major regional
producer of starches, sweeteners and other ingredients.
Forward-Looking Statements
This news release contains or may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. The Company intends these forward-looking
statements to be covered by the safe harbor provisions for such
statements. These statements include, among other things, any
predictions regarding the Company’s prospects or future financial
condition, earnings, revenues, expenses or other financial items,
any statements concerning the Company’s prospects or future
operations, including management’s plans or strategies and
objectives therefor, expectations regarding the proposed
acquisition, including synergies, time of closing, accretion and
credit ratings, and any assumptions, expectations or beliefs
underlying the foregoing. These statements can sometimes be
identified by the use of forward looking words such as “may,”
“should,” “will,” “anticipate,” “believe,” “plan,” “project,”
“estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast”
or other similar expressions or the negative thereof. All
statements other than statements of historical facts in this news
release or referred to in this news release are “forward-looking
statements.” These statements are based on current expectations,
but are subject to certain inherent risks and uncertainties, many
of which are difficult to predict and are beyond our control.
Although we believe our expectations reflected in these
forward-looking statements are based on reasonable assumptions,
stockholders are cautioned that no assurance can be given that our
expectations will prove correct. Actual results and developments
may differ materially from the expectations expressed in or implied
by these statements, based on various factors, including the
effects of the global economic recession and its impact on our
sales volumes and pricing of our products, our ability to collect
our receivables from customers and our ability to raise funds at
reasonable rates; fluctuations in worldwide markets for corn and
other commodities, and the associated risks of hedging against such
fluctuations; fluctuations in the markets and prices for our
co-products, particularly corn oil; fluctuations in aggregate
industry supply and market demand; the behavior of financial
markets, including foreign currency fluctuations and fluctuations
in interest and exchange rates; continued volatility and turmoil in
the capital markets; the commercial and consumer credit
environment; general political, economic, business, market and
weather conditions in the various geographic regions and countries
in which we manufacture and/or sell our products; future financial
performance of major industries which we serve, including, without
limitation, the food and beverage, pharmaceuticals, paper,
corrugated, textile and brewing industries; energy costs and
availability, freight and shipping costs, changes in regulatory
controls regarding quotas, tariffs, duties, taxes and income tax
rates; operating difficulties; boiler reliability; our ability to
effectively integrate acquired businesses; labor disputes; genetic
and biotechnology issues; changing consumption preferences and
trends; increased competitive and/or customer pressure in the
corn-refining industry; and the outbreak or continuation of serious
communicable disease or hostilities including acts of terrorism.
Factors relating to the pending acquisition that could cause actual
results and developments to differ from expectations include:
required regulatory approvals may not be obtained in a timely
manner, if at all; the pending acquisition may not be consummated
in a timely manner or at all; the anticipated benefits of the
pending acquisition, including synergies, may not be realized; the
integration of National Starch’s operations with those of Corn
Products may be materially delayed or may be more costly or
difficult than expected, and we may be unable to maintain our
current credit ratings. Our forward-looking statements speak only
as of the date on which they are made and we do not undertake any
obligation to update any forward-looking statement to reflect
events or circumstances after the date of the statement as a result
of new information or future events or developments. If we do
update or correct one or more of these statements, investors and
others should not conclude that we will make additional updates or
corrections. For a further description of these and other risks,
see “Risk Factors” included in our Annual Report on Form 10-K for
the year ended December 31, 2009 and subsequent reports on Forms
10-Q or 8-K .
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