DULUTH, Ga., Dec. 17 /PRNewswire-FirstCall/ -- AGCO Corporation (NYSE: AG), a worldwide designer, manufacturer and distributor of agricultural equipment, announced the pricing of its private offering of $175,000,000 aggregate principal amount of its Convertible Senior Subordinated Notes due 2033, pursuant to Rule 144A under the Securities Act of 1933, as amended. The sale of the notes is expected to close on December 23, 2003. AGCO also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $26,250,000 aggregate principal amount of the notes.
The notes will bear interest at the rate of 1.75% per annum. The notes are convertible into shares of AGCO common stock at a conversion rate of 44.7193 shares of common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of $22.36 per share of common stock, subject to adjustment in certain circumstances. On December 16, 2003, the reported closing price per share of AGCO common stock on the NYSE was $17.07.
AGCO intends to use the net proceeds to pay part of the purchase price for its previously announced acquisition of the business of Valtra.
The notes will be offered and sold only to "qualified institutional buyers" in accordance with Rule 144A.
The notes and the shares of common stock issuable upon conversion of the notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the notes or the shares of common stock issuable upon conversion of the notes, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. This press release is being issued pursuant to Rule 135c under the Securities Act.
Safe Harbor Statement
The statement above regarding the Company's intent with respect to the use of proceeds is a forward looking statement. Actual results may differ materially from those reflected in this forward looking statement for a number of reasons including potential adverse changes in the capital markets and the need to fulfill the closing conditions in connection with the acquisition.
爱科公司,headquartered in Duluth, Georgia, is a global designer, manufacturer and distributor of agricultural equipment and related replacement parts. AGCO products are distributed in over 140 countries. AGCO offers a full product line including tractors, combines, hay tools, sprayers, forage, tillage equipment and implements through more than 8,450 independent dealers and distributors around the world. AGCO products are distributed under the brand names AGCO(R), AgcoAllis(R), AgcoStar(R), Ag-Chem(R), Challenger(R), Farmhand(R), Fendt(R), Fieldstar(R), Gleaner(R), Glencoe(R), Hesston(R), Lor*Al(R), Massey Ferguson(R), New Idea(R), RoGator(R), Soilteq(TM), Spra-Coupe(R), Sunflower(R), Terra-Gator(R), Tye(R), White(R) and Willmar(R). AGCO provides retail financing through AGCO Finance in North America and through Agricredit in the United Kingdom, France, Germany, Ireland, Spain and Brazil. In 2002, AGCO had net sales of $2.9 billion.
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SOURCE AGCO Corporation