29 Apr 2020 07:00
New Banking Facility
PureCircle Ltd. (LSE: PURE) (the "Company"), the world's leading producer and innovator of great-tasting stevia sweeteners for the global food and beverage industry, is pleased to provide the following update:-
New banking facility from The Hongkong and Shanghai Banking Corporation Limited, Offshore Banking Unit Labuan
The Company has agreed a revolving loan facility (the "Facility") with a limit of US$33 million with The Hongkong and Shanghai Banking Corporation Limited, Offshore Banking Unit Labuan. The proceeds of the Facility will provide the PureCircle group with additional liquidity to meet general operational and working capital requirements in the months leading up to completion of the proposed acquisition of the Company (described below).
The Facility is secured by a standby letter of credit issued by HSBC Bank USA, N.A. on behalf of Ingredion Incorporated. As announced on 9 April 2020 (https://purecircle.com/news/ingredion-to-acquire-controlling-75-stake-in-purecircle/), the Company reached agreement on the terms of a recommended acquisition whereby the entire issued and to be issued share capital of the Company is proposed to be acquired by Ingredion SRSS Holdings Limited (a wholly owned subsidiary of Ingredion Incorporated) pursuant to a scheme of arrangement.
Interest will be payable on amounts drawndown at a rate of 3% above 3-months USD LIBOR. This Facility is scheduled to terminate on 28 December 2020.
29 April 2020
Enquiries:
Jimmy Lim, CFO
Email: Jimmy.Lim@purecircle.com
Phone: +6 012 326 2908
Newgate Communications, Media Relations
Elisabeth Cowell
Giles Croot
Email: purecircle@newgatecomms.com
Phone: +44 (0) 20 3757 6880
Notes to Editors
About PureCircle
· PureCircle is the only company that combines advanced R&D with full vertical integration from farm to high-quality, great-tasting innovative stevia sweeteners.
· The Company collaborates with farmers who grow the stevia plants and with food and beverage companies which seek to improve their low- and no-calorie formulations using a sweetener from plants.
· PureCircle will continue to: lead in research, development and innovation; produce a growing supply of multiple varieties of stevia sweeteners with sugar-like taste, using all necessary and appropriate methods of production; and be a resource and innovation partner for food and beverage companies.
· PureCircle stevia flavor modifiers work in synergy with sweeteners to improve the taste, mouthfeel and calorie profile, and enhance the cost effectiveness, of beverage and food products.
· Founded in 2002, PureCircle is continually investing in breakthrough research and development and it has been granted over 214 stevia-related patents with more than 300 applied for patents pending.
· PureCircle has offices around the world with the global headquarters in Chicago, Illinois.
· To meet growing demand for stevia sweeteners, PureCircle is rapidly ramping up its supply capability. It completed expansion of its Malaysian stevia extract facility in March 2017, increasing its capacity to rapidly supply the newer and great-tasting specialty stevia sweeteners and helping provide ever-increasing value to its customers.
· PureCircle's shares are listed on the main market of the London Stock Exchange.
· For more information, visit: www.purecircle.com
About stevia
· Given the growing global concerns about obesity and diabetes, beverage and food companies are working responsibly to reduce sugar and calories in their products, responding to both consumers and health and wellness advocates. Sweeteners from the stevia plant offer sugar-like taste and are becoming an increasingly important tool for these companies.
· Like sugar, stevia sweeteners are from plants. But unlike sugar, they enable low-calorie and zero-calorie formulations of beverages and foods.
· Stevia leaf extract is a natural-based, zero calorie, high-intensity sweetener, used by global food and beverage companies as a great-tasting zero-calorie alternative to sugar and artificial sweeteners.
· Stevia is a naturally sweet plant native to South America; today, it is grown around the world, notably in Kenya, China and the US.
· The sweet-tasting parts of the stevia leaf are up to 350 times sweeter than sugar: stevia's high-intensity sweetness means it requires far less water and land than sugar.
· Research has shown that the molecules of the stevia leaf are present and unchanged in the dried stevia leaf, through the commercial extraction and purification process, and in the final stevia leaf extract product. All major global regulatory organisations, across 65 countries, have approved the use of high-purity stevia leaf extracts in food and beverages.
· For more information on the science of stevia, please visit https://www.purecirclesteviainstitute.com/