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
