Contract
EXHIBIT 4.2
THIS NOTE MAY BE TRANSFERRED IN WHOLE BUT NOT IN PART BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY SELECTED OR APPROVED
BY THE COMPANY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
NOTE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY NOTE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.
No. 1
|
$100,000,000 |
CORN PRODUCTS INTERNATIONAL, INC.
6.625% Senior Notes due 2037
CUSIP: 219023 AC2
Corn Products International, Inc., a Delaware corporation (herein called the “Company,” which
term includes any successor corporation under the Indenture referred to herein), for value
received, hereby promises to pay to:
CEDE & CO.
or registered assigns, the principal sum of
*ONE HUNDRED MILLION DOLLARS*
on April 15, 2037 and to pay interest on such principal sum at the rate of six percent (6.625%) per
annum.
The Company will pay interest from the later of April 10, 2007 or the most recent Interest
Payment Date (as defined below) to which interest has been paid or duly provided for, semiannually
on April 15 and on October 15 (each an “Interest Payment Date”) beginning October 15, 2007, until
the principal hereof is otherwise paid or duly provided for. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture (as defined below), be paid to the holder (the “Holder”) of this Note (or one or more
predecessor Notes) of record at the close of business on the regular record date (the “Regular
Record Date”) for such Interest Payment Date, which, except in the case of interest payable at
Maturity (as defined in the Indenture), shall be April 1 or October 1 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date and, in the case of interest
payable at Maturity, shall be the date such that interest payable at Maturity is payable to the
same Person to whom principal on this Note is payable. Interest will be computed on the basis of a
360-day year of twelve 30-day months.
Any such interest not so punctually paid or duly provided for shall forthwith cease to be
payable to the Holder on such Regular Record Date by virtue of his having been such Holder, and may
be paid to the Holder of this Note (or one or more predecessor Notes) of record at the close of
business on a special record date (the “Special Record Date”) fixed by the Company for the payment
of such defaulted interest, notice whereof shall be given to Holders not less than 15 days prior to
such Special Record Date, all as more fully provided in the Indenture.
Payment of the principal of this Note and the interest thereon will be made at the office or
agency of the Company in the Borough of Manhattan, City and State of New York, in such currency of
the United States of America as at the time of payment is legal tender for payment of public and
private debts.
CORN PRODUCTS INTERNATIONAL, INC.
6.625% Senior Notes due 2037
This Note is one of a duly authorized issue of debt securities of the Company (herein
called the “Securities”), issuable in one or more series, unlimited in aggregate principal amount
except as may be otherwise provided in respect of the Securities of a particular series, issued and
to be issued under and pursuant to an Indenture dated as of August 18, 1999, between the Company
and The Bank of New York Trust Company, N.A. (as successor trustee to The Bank of New York), as
trustee (the “Trustee”), as amended and supplemented by the Fourth Supplemental Indenture between
the Company and the Trustee dated as of April 10, 2007 (“the Indenture”) and is one of a series
limited in aggregate principal amount to $100,000,000 and designated as 6.625% Senior Notes due
2037 (the “Notes”). Reference is hereby made to the Indenture for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company
and the Holders of Securities (including Holders of the Notes).
The Notes are subject to defeasance at the option of the Company as provided in the Indenture.
As long as this Note is represented in global form (the “Global Security”) registered in the
name of the Depositary or its nominee, except as provided in the Indenture and subject to certain
limitations therein set forth, no Global Security shall be exchangeable or transferrable.
If an Event of Default (as defined in the Indenture) with respect to the Notes shall occur and
be continuing, the principal plus any accrued interest may be declared due and payable in the
manner and with the effect and subject to the conditions provided in the Indenture.
The Indenture permits the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in aggregate principal amount of the
Securities then outstanding of all series which are affected by such amendment or modification,
except that certain amendments which do not adversely affect the rights of any Holder of the
Securities may be made without the approval of Holders of the Securities. No amendment or
modification may, among other things, change the Stated Maturity of any Security, reduce the
principal amount thereof, reduce the rate or change the time of payment of any interest thereon, or
reduce the aforesaid majority in aggregate principal amount of Securities of any series, the
consent of the Holders of which is required for any such amendment or modification, without the
consent of each Securityholder affected.
This series of Notes is redeemable, in whole at any time or in part from time to time, at the
Company’s option at a redemption price equal to the greater of: (i) 100% of the principal amount of
the Notes to be redeemed; and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest thereon (not including any portion of such payments of interest
accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined
below), plus 30 basis points, plus, in each case, accrued interest thereon to the date of
redemption.
Notice of any redemption will be mailed at least 30 days but not more than 60 days before the
redemption date to each holder of the notes to be redeemed. Unless the Company defaults in payment
of the redemption price, on and after the redemption date, interest will cease to accrue on this
Note or portion thereof called for redemption. If less than all of the notes are to be redeemed,
the notes to be redeemed shall be selected by lot by The Depository Trust Company, in the case of
notes represented by a global security, or by the Trustee
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by a method the Trustee deems to be fair
and appropriate, in the case of notes that are not represented by a global security.
“Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed
that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Notes.
“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of
four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and
lowest such Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one
Reference Treasury Dealer Quotation is received, such quotation.
“Quotation Agent” means the Reference Treasury Dealer appointed by the Company.
“Reference Treasury Dealer” means (i) each of Citigroup Global Markets Inc. and Xxxxxx Xxxxxxx
& Co. Incorporated (or their respective affiliates that are Primary Treasury Dealers) and their
respective successors; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will
substitute therefor another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealer
selected by the Company.
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third business day preceding such redemption date.
“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such redemption date.
If a Change of Control Repurchase Event occurs, unless the Company has exercised its right to
redeem this series of Notes, the Company will make an offer to each holder of Notes to repurchase
all or any part (in integral multiples of $1,000) of that holder’s Notes at a repurchase price in
cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and
unpaid interest on the Notes repurchased to the date of repurchase. Within 30 days following any
Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but
after the public announcement of an impending Change of Control, the Company will mail a notice to
each holder, with a copy to the Trustee, describing the transaction or transactions that constitute
or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the
payment date specified in the notice, which date will be no earlier than 30 days and no later than
60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of
consummation of the Change of Control, state that the offer to repurchase is conditioned on the
Change of Control Repurchase Event occurring on or prior to the payment date specified in the
notice.
The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder, to the extent those laws and regulations are
applicable in connection with the repurchase of the Notes as a result of a Change of Control
Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict
with the Change of Control Repurchase Event provisions of the Notes, the Company will comply with
the applicable securities laws and regulations and will
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not be deemed to have breached its
obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such
conflict.
On the Change of Control Repurchase Event payment date, the Company will, to the extent
lawful:
| • | accept for payment all Notes or portions of Notes (in integral multiples of $1,000) properly tendered pursuant to the Company’s offer; | ||
| • | deposit with the paying agent an amount equal to the aggregate repurchase price in respect of all Notes or portions of Notes properly tendered; and | ||
| • | deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an officers’ certificate stating the aggregate principal amount of Notes being purchased by the Company. |
The paying agent will promptly mail to each holder of Notes properly tendered the repurchase
price for the Notes, and the Trustee will promptly authenticate and mail (or cause to be
transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased
portion of any Notes surrendered; provided, that each new Note will be in a principal amount of
$1,000 or an integral multiple of $1,000.
The Company will not be required to make an offer to repurchase the Notes upon a Change of
Control Repurchase Event if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for an offer made by the Company and such third party
purchases all Notes properly tendered and not withdrawn under its offer.
“Below Investment Grade Rating Event” means the Notes are rated below Investment Grade by each
of the Rating Agencies on any date from the date of the public notice of an arrangement that could
result in a Change of Control until the end of the 60-day period following public notice of the
occurrence of a Change of Control (which period shall be extended so long as the rating of the
Notes is under publicly announced consideration for possible downgrade by any of the Rating
Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a
particular reduction in rating shall not be deemed to have occurred in respect of a particular
Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes
of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making
the reduction in rating to which this definition would otherwise apply do not announce or publicly
confirm or inform the Trustee in writing at its request that the reduction was the result, in whole
or in part, of any event or circumstance comprised of or arising as a result of, or in respect of,
the applicable Change of Control (whether or not the applicable Change of Control shall have
occurred at the time of the Below Investment Grade Rating Event).
“Change of Control” means the occurrence of any of the following: (1) the direct or indirect
sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the properties or assets of
the Company and its subsidiaries taken as a whole to any “person” (as that term is used in Section
13(d)(3) of the Exchange Act), other than the Company or one of its subsidiaries; (2) the
consummation of any transaction (including, without limitation, any merger or consolidation) the
result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act)
becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding
number of shares of the Company’s Voting Stock; or (3) the first day on which a majority of the
members of the Company’s Board of Directors are not Continuing Directors.
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“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a
Below Investment Grade Rating Event.
“Continuing Directors” means, as of any date of determination, any member of the Board of
Directors of the Company who (1) was a member of such Board of Directors on the date of the
issuance of the Notes; or (2) was nominated for election or elected to such Board of Directors with
the approval of a majority of the Continuing Directors who were members of such Board of Directors
at the time of such nomination or election (either by a specific vote or by approval of the
Company’s proxy statement in which such member was named as a nominee for election as a director).
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Fitch” means Fitch Ratings Ltd.
“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any
successor rating categories of Moody’s); a rating of BBB– or better by S&P (or its equivalent under
any successor rating categories of S&P); and a rating of BBB– or better by Fitch (or its equivalent
under any successor rating categories of Fitch); or the equivalent investment grade credit rating
from any additional Rating Agency or Rating Agencies selected by the Company.
“Xxxxx’x” means Xxxxx’x Investors Service Inc.
“Rating Agency” means (1) each of Fitch, Xxxxx’x and S&P; and (2) if any of Fitch, Moody’s or
S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons
outside of the Company’s control, a “nationally recognized statistical rating organization” within
the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company as a replacement
agency for Fitch, Moody’s or S&P, as the case may be.
“S&P” means Standard & Poor’s Ratings Services, a division of XxXxxx-Xxxx, Inc.
“Voting Stock” means the Company’s capital stock of any class or kind the holders of which are
ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or
persons performing similar functions) of such Person, even if the right so to vote has been
suspended by the happening of such a contingency.
Notwithstanding any provision in the Indenture or any provision of this Note, the Holder of
this Note shall have the right, which is absolute and unconditional, to receive payment of the
principal of (and premium, if any) and interest on this Note at the times, place and rate, and in
the coin or currency herein prescribed.
This Note shall be governed by, and construed in accordance with, the laws of the state of New
York, without regard to principles of conflicts of laws.
All terms used in this Note which are defined in the Indenture have the meanings assigned to
them in the Indenture.
Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or
be valid or obligatory for any purpose.
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IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.
| CORN PRODUCTS INTERNATIONAL, INC. | ||||
| By: | /s/ Xxxxxx X. Xxxxx | |||
| Name: Xxxxxx X. Xxxxx | ||||
| Title: Vice President and Chief Financial Officer | ||||
| Attest: | ||||
| By: | /s/ Xxxx Xxx Xxxxx | |||
| Name: Xxxx Xxx Xxxxx | ||||
| Title: Vice President, General Counsel and Corporate Secretary |
||||
| This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. | ||||
| THE BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee |
||||
| Dated: April 10, 2007 | ||||
| By: | /s/ X. Xxxxxxxx | |||
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ASSIGNMENT FORM
To assign this Note, fill in the form below:
I or we assign and transfer this Note to
Insert assignee’s soc. sec. or tax I.D. no.
| (Print or type assignee’s name, address and zip code) | ||
and all rights thereunder and irrevocably appoint |
||
| agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. | ||
Dated: |
||||||||
| THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS IT APPEARS ON THE FIRST PAGE OF THE WITHIN NOTE. | ||||||||
THE SIGNATURE MUST BE GUARANTEED BY AN “ELIGIBLE GUARANTOR INSTITUTION” THAT IS A MEMBER OR
PARTICIPANT IN A “SIGNATURE GUARANTEE PROGRAM” (E.G., THE SECURITIES TRANSFER AGENTS MEDALLION
PROGRAM, THE STOCK EXCHANGE MEDALLION PROGRAM OR THE NEW YORK STOCK EXCHANGE, INC. MEDALLION
PROGRAM).
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