Thursday, September 16, 2010

Citigroup (NYSE:C), JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC) Bookrunners on Corn Products (NYSE:CPO) Senior Notes

Citigroup Global Markets Inc. (NYSE:C), J.P. Morgan Securities LLC (NYSE:JPM) and Banc of America Securities LLC (NYSE:BAC) were joint bookrunners on the issuance of $900 million in senior notes by Corn Products International (NYSE:CPO).

Included in the issuance are $350 million in 3.2 percent notes due November 1, 2015; $400 million in 4.625 percent notes due November 1, 2020;, and $150 million in 6.625 percent notes due April 15, 2037.

Most of the offering will be used to raise capital to acquire National Starch. The deal is expected to close on September 17.

Fitch Ratings assigned a "BBB" to the $900 million senior note issuance of Corn Products, as well as to the bank credit facility, long-term Issuer Default Rating and senior unsecured debt ratings of the company.

Fitch maintained a stable outlook on Corn Products.

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