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Gold/Mining/Energy : Archer Daniels Midland

ADM 56.97

+0.4%

Nov 7 9:30 AM EST

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From: Edscharp	2/16/2007 3:05:39 PM
	of 84

marketwatch.com Archer Daniels prices notes; to buy back about $370 mln in stock Last Update: 7:55 AM ET Feb 16, 2007 Archer Daniels Midland Co. (ADM) Friday said its $1.15 billion of convertible senior notes due 2014 were priced at an initial conversion rate of 22.8343 shares per $1,000 principal amount. The Decatur, Ill., bioenergy company expects total net proceeds of about $1.134 billion, which it plans to use in part to repurchase about $370 million common shares. The company also expects to use $299 million of proceeds to fund convertible note hedge transactions. Any remaining proceeds will be used for working capital and general corporate purposes.

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