Agricore United Completes Convertible Debenture Offering

On November 27, 2002, Agricore United completed its public offering of $100 million aggregate principal amount of 9 per cent convertible unsecured subordinated debentures due 2007. The underwriting syndicate for the offering was co-led by Scotia Capital Inc. and National Bank Financial Inc., and included CIBC World Markets Inc., HSBC Securities (Canada) Inc. and Wellington West Capital Inc. The underwriting syndicate exercised its option in full to acquire an additional $5 million of debentures bringing the total gross proceeds realized by Agricore from the offering to $105 million.

Agricore’s principal shareholder, ADM Agri-Industries Ltd., a wholly owned subsidiary of Archer Daniels Midland Company, purchased $45 million aggregate principal amount of debentures pursuant to the exercise of its existing pre-emptive rights.

Davies Ward Phillips & Vineberg LLP acted for Agricore in connection with the offering, with a team that included Vincent Mercier, Brian Calalang, Ryan Voegeli and Brooke Jamison (corporate) and John Zinn and Siobhan Monaghan (tax). Fasken Martineau DuMoulin LLP acted for the underwriters, with a team comprised of Joel Binder, Sean Morley and Bruce Blain (corporate) and Elizabeth Johnson (tax). Michael Lang of Ogilvy Renault acted for ADM Agri-Industries.