Last checked at 22 Jul 2015 10:43
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 on 21 July 2015 it priced a US$400 million debt private placement. The proceeds will be used to refinance existing indebtedness, thereby extending the Group’s debt maturity profile, and for general corporate purposes.
The transaction is expected to complete on 29 October 2015, when the following notes will be issued:
$95 million floating-rate notes due 2023
$25 million 3.83% notes due 2023
$180 million 4.06% notes due 2025
$100 million 4.16% notes due 2027
Commenting on the issue, Nick Hampton, Chief Financial Officer, said: "We are delighted by the strong support shown by private placement investors in Tate & Lyle. The notes will enable us to extend the maturity of our debt and help finance future growth. 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 LIBOR; together with our existing debt and hedging arrangements, they achieve our desired fixed/floating mix”.
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.
Lucie Gilbert
Company Secretary
22 July 2015
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