REG - Tate & Lyle PLC - Issue of Debt

Tate & LyleAnnouncement

23/01/2025 17:45

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RNS Number : 5247U  Tate & Lyle PLC  23 January 2025

23 January 2025 - Tate & Lyle PLC

 

ISSUE OF DEBT

 

NOT FOR DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA (OR TO
U.S. PERSONS), AUSTRALIA, CANADA OR JAPAN, OR IN ANY OTHER JURISDICTION IN
WHICH OFFERS OR SALES OF SECURITIES WOULD BE PROHIBITED BY APPLICABLE LAW

 

Tate & Lyle PLC announces that today it priced a multi-tranche debt
offering of US$300 million and €275 million in the private placement
market.  The proceeds will be used to refinance the bridge facility entered
into at the completion of the acquisition of CP Kelco on 15 November 2024, and
for general corporate purposes.

 

The transaction is expected to complete on 12 March 2025, when the following
notes will be issued:

 

US$85 million 5.56% notes due 2030

US$65 million floating-rate notes due 2030

US$40 million floating-rate notes due 2032

US$110 million 5.84% notes due 2033

€140 million 4.03% notes due 2035

€135 million 4.13% notes due 2037

 

Commenting on the issue, Sarah Kuijlaars, Chief Financial Officer, said: "We
are delighted by the strong support shown by private placement investors in
Tate & Lyle, with our offering significantly oversubscribed.  The notes
will enable us to refinance the bridge facility we used to part-finance the
acquisition of CP Kelco, which represented an exciting step in the
acceleration of our strategy to be a leading speciality food and beverage
solutions business. The fixed-rate notes allow us to lock into attractive
long-term interest rates, and the floating-rate notes are at a competitive
margin over the Secured Overnight Financing Rate (SOFR) and create optionality
for early repayment as we deleverage over time. Together with our existing
debt, the new notes achieve our desired fixed/floating mix and extend our debt
maturity profile".

 

 

Disclaimer

 

The notes have not been and will not be registered under the U.S. Securities
Act of 1933, as amended (the "Act") and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements of the Act. This notice is for information only,
does not constitute an offer to sell or the solicitation of an offer to buy
any security and shall not constitute an offer, solicitation or sale of any
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful.

 

 

Matthew Joy

Company Secretary

23 January 2025

 

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