UK sugar and sweetener group Tate & Lyle has announced the result of a tender offer launched on 16 November for up to 70m of its 6.50% notes due 2012.

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The company today (24 November) received valid tenders for GBP117.6m (US$194.7m) in aggregate nominal amount of the notes.


Tate & Lyle said it now accepts for repurchase, on a pro rata basis, notes validly tendered in the aggregate nominal amount of GBP100m. Each tender of notes will be scaled by a factor of 0.85085 (rounded down to the nearest GBP1,000).


The determination of the repurchase price is expected to occur today at 2pm (GMT) and the announcement is expected to occur “as soon as practicable”, the company said. Settlement is expected to occur on 27 November.


Barclays Bank and The Royal Bank of Scotland are acting as dealer managers for the offer. The Bank of New York Mellon is acting as tender agent.

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