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| 2006 News Releases and Information |
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DEERE & COMPANY ANNOUNCES RESULTS TO DATE OF TENDER OFFER FOR DEBT SECURITIES
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MOLINE, IL (March 9, 2006) — Deere & Company (NYSE: DE) today announced that, according to information provided by Global Bondholder Services Corporation, the Depositary and Information Agent for the Tender Offer (defined below), an aggregate principal amount of $646,220,000 of the notes listed below were validly tendered and not validly withdrawn on or before 5:00 p.m., New York City time, on March 8, 2006 (the "Early Tender Date"). Deere previously announced its offer to purchase (the "Tender Offer") a portion of its debt securities specified in the table below, subject to a total purchase price of $500 million, excluding accrued interest, fees and expenses (the "Maximum Tender Offer Amount"). The full terms and conditions of the Tender Offer are set forth in Deere's Offer to Purchase dated February 23, 2006 (the "Offer to Purchase").
The amounts of each series of notes to be purchased in the Tender Offer will be determined based on the aggregate purchase price of each series of notes validly tendered and not validly withdrawn prior to 12:00 midnight, New York City time, on March 22, 2006, unless extended (the "Expiration Date"), in accordance with the priorities identified in the column "Acceptance Priority Level" in the table below and subject to the Maximum Tender Offer Amount. In the case of the 7.85% Debentures due 2010, Deere will purchase a maximum of $250,000,000 of the $500,000,000 principal amount outstanding. The consideration will be calculated by the Joint Dealer Managers at 2:00 p.m., New York City time, on the second business day preceding the Expiration Date, which, unless extended, is currently expected to be March 20, 2006. Notes subject to the Tender Offer that have been tendered but not accepted will be promptly returned to the tendering parties. The table below identifies the principal amount of each series of notes validly tendered and not validly withdrawn on or before the Early Tender Date.
Title of
Security |
Acceptance Priority Level |
Aggregate Principal
Amount Outstanding |
Principal Amount Tendered
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| 8.95% Debentures due 2019 |
1 |
$200,000,000
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$141,388,000 |
| 7.85% Debentures due 2010 |
2 |
$500,000,000
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$192,880,000 |
| 8½% Debentures due 2022 |
3 |
$200,000,000 |
$99,210,000 |
| 8.10% Debentures due 2030 |
4 |
$250,000,000 |
$108,913,000 |
| 7.125% Notes due 2031 |
5 |
$300,000,000 |
$103,829,000 |
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$1,450,000,000 |
$646,220,000 |
Deere has retained J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated to serve as Joint Dealer Managers and Global Bondholder Services Corporation to serve as the Depositary Agent and Information Agent for the Tender Offer.
Requests for documents and questions regarding the tendering of notes may be directed to Global Bondholder Services Corporation toll free at (866) 612-1500 or collect at (212) 430-3774. Questions regarding the terms of the Tender Offer may be directed to J.P. Morgan Securities Inc. toll free at (866) 834-4666 or Merrill Lynch, Pierce, Fenner & Smith Incorporated toll free at (888) 654-8637 and banks and brokers at (212) 449-4914.
This press release is not an offer to purchase or a solicitation of acceptance of the Tender Offer, which may be made only pursuant to the terms of the Offer to Purchase, as amended or supplemented. In any jurisdiction where the laws require the Tender Offer to be made by a licensed broker or dealer, the Tender Offer will be deemed made on behalf of Deere by one or more of the dealer managers or one or more registered brokers or dealers under the laws of such jurisdiction.
John Deere is the world's leading manufacturer of agricultural and forestry equipment; a leading supplier of equipment used in lawn, grounds and turf care; and a major manufacturer of construction equipment. Additionally, John Deere manufactures engines used in heavy equipment and provides financial services and other related activities that support the core businesses.
For further information, investors
and brokers should call:
Global Bondholder Services Corporation
866-612-1500
Or
J.P. Morgan Securities Inc.
866-834-4666
Or
Merrill Lynch & Co.
888-654-8637
For general information, learn more
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