Tate & Lyle Regulatory News (TATE)

26 Nov 2009 07:00

Tate & Lyle PLC announces completion of £200 million bond issue and partial repurchase of 2012 bond

Tate & Lyle PLC announces the completion of the recent £200m bond issue by its subsidiary, Tate & Lyle International Finance PLC (the "Company") as well as the results of the related tender offer for its existing 6.50% Sterling bonds due 2012 ("2012 Bonds").

The new £200 million bond issue carries a coupon of 6.75% and is repayable in November 2019. The new bonds were issued on 25 November 2009 and will be listed on the London Stock Exchange. As announced on 24 November, the Company has also agreed to repurchase an aggregate nominal amount of £100 million of the 2012 Bonds in the related tender offer. Following the settlement of the tender offer this week, £100 million nominal amount of the 2012 Bonds will be left outstanding.

Tim Lodge, Tate & Lyle's Group Finance Director, said:

"We are pleased with the outcome of this bond transaction, which in conjunction with the tender offer for the 2012 Sterling bonds was designed to extend Tate & Lyle's maturity profile and further diversify our sources of funding. We have not accessed the Sterling bond market since 2002 and it was encouraging to see so many of the core UK investing institutions supporting these transactions."

For more information contact Tate & Lyle PLC:

Tim Lodge, Group Finance DirectorTel: 020 7626 6525

About Tate & Lyle:

Tate & Lyle is a world-leading renewable food and industrial ingredients company, serving a global market from more than 45 production facilities throughout the Americas, Europe and South East Asia. Our efficient, large-scale manufacturing plants turn agricultural products, corn and cane sugar, into valuable ingredients for our customers. These ingredients add taste, texture, nutrition and increased functionality to products that millions of people around the world use or consume every day.

Tate & Lyle's range of leading branded food ingredients includes SPLENDA® Sucralose, PROMITOR™ Dietary Fiber, STA-LITE® Polydextrose, Tate & Lyle Fairtrade Sugar and Lyle's Golden Syrup. Tate & Lyle also produces branded industrial ingredients including Bio-PDO™, Ethylex® and Sta-Lok® paper starches; and staple ingredients such as high fructose corn syrup, sugar, ethanol, citric acid and basic starches. In addition to providing a wide range of ingredients our expert sales and product applications teams support customers by providing technical advice and proprietary consumer insight studies.

Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. In the year to 31 March 2009, Tate & Lyle employed 5,718 people in its subsidiaries and joint ventures, and sales totalled £3.55 billion. http://www.tateandlyle.com.

SPLENDA® is a trademark of McNeil Nutritionals, LLC

Copyright Business Wire 2009