Tate & Lyle PLC - ISSUE OF DEBT

22 Jul 2015

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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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About Tate & Lyle PLC:

Supported by our 165-year history of ingredient innovation, we partner with customers to provide consumers with healthier and tastier choices when they eat and drink. We are proud that millions of people around the world consume products containing our ingredients and solutions every day.

Through our leading expertise in sweetening, mouthfeel and fortiﬁcation, we develop ingredients and solutions which reduce sugar, calories and fat, add ﬁbre and protein, and provide texture and stability to food and drink in categories including beverages, dairy, bakery, snacks, soups, sauces, and dressings.

Tate & Lyle recently acquired CP Kelco, a leading provider of pectin, speciality gums and other nature-based ingredients to create a leader in mouthfeel, significantly enhancing our solutions capabilities. Following this combination, we now have more than 5,000 employees working in around 75 locations in 39 countries, serving customers in more than 120 countries. Science, Solutions, Society is our brand promise and how we will achieve our purpose of Transforming Lives through the Science of Food. By living our purpose, we believe we can successfully grow our business and have a positive impact on society. We live our purpose in three ways, by supporting healthy living, building thriving communities and caring for our planet.

Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. For the year ended 31 March 2024, and on a pro forma basis which assumes for illustrative purposes that the combination with CP Kelco took place on 1 April 2023, revenue for the enlarged Tate & Lyle Group would have been £2.25 billion. For more information, please visit www.tateandlyle.com or follow Tate & Lyle on LinkedIn, X (Twitter), Facebook or YouTube

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