Tate & Lyle PLC - London-based provider of ingredients to food and beverage producers - Prices multi-tranche debt offering of $300 million and €275 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: $85 million 5.56% notes due 2030; $65 million floating-rate notes due 2030; $40 million floating-rate notes due 2032; $110 million 5.84% notes due 2033; €140 million 4.03% notes due 2035; €135 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%

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