IN BRIEF: Tate & Lyle "delighted" by oversubscribed private placement

Tate & Lyle PLC - London-based provider of ingredients to food and beverage producers - Prices ...

Alliance News 23 January, 2025 | 8:33PM
Email Form Facebook Twitter LinkedIn RSS

Tate & Lyle PLC - London-based provider of ingredients to food and beverage producers - Prices multi-tranche debt offering of USD300 million and EUR275 million in the private placement market. Proceeds will be used to refinance the bridge facility entered into at the completion of the acquisition of CP Kelco in November 2024, and for general corporate purposes. The transaction is expected to complete on March 12, when the following notes will be issued: USD85 million 5.56% notes due 2030; USD65 million floating-rate notes due 2030; USD40 million floating-rate notes due 2032; USD110 million 5.84% notes due 2033; EUR140 million 4.03% notes due 2035; EUR135 million 4.13% notes due 2037.

Chief Financial Officer Sarah Kuijlaars says: "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 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".

Current stock price: 656.00 pence, down 0.1% in London on Thursday

12-month change: up 5.2%

By Jeremy Cutler, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2025 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Tate & Lyle PLC 655.50 GBX -0.15

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2025 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures