UK sugar and starch company Tate & Lyle has issued £200m (US$296.6m) of bonds.
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The deal was lead managed by Schroder Salomon Smith Barney (SSSB), together with HSBC. SSSB said that investors had reconfirmed their orders after CEO Larry Pillard stood down. The bond deal had been scheduled for last week but was delayed after Pillard announced he would step down.
A spokesman for SSSB said the bond deal was 2.5 times oversubscribed, bucking a weak market. The ten-year bonds were priced to yield 145 basis points over gilts, and had been marketed last week in the 150bp area over gilts. Tate & Lyle will use the money to refinance existing debt, mainly bank loans.
