PureCircle Ltd. (LSE: PURE) (the “Company”), the world’s leading producer and innovator of great-tasting stevia sweeteners for the global food and beverage industry, is pleased to announce a new banking facility from The Hongkong and Shanghai Banking Corporation Limited, Offshore Banking Unit Labuan
The Company has agreed a revolving loan facility (the “Facility”) with a limit of US$33 million with The Hongkong and Shanghai Banking Corporation Limited, Offshore Banking Unit Labuan. The proceeds of the Facility will provide the PureCircle group with additional liquidity to meet general operational and working capital requirements in the months leading up to completion of the proposed acquisition of the Company (described below).
The Facility is secured by a standby letter of credit issued by HSBC Bank USA, N.A. on behalf of Ingredion Incorporated. As announced on 9 April 2020, the Company reached agreement on the terms of a recommended acquisition whereby the entire issued and to be issued share capital of the Company is proposed to be acquired by Ingredion SRSS Holdings Limited (a wholly owned subsidiary of Ingredion Incorporated) pursuant to a scheme of arrangement.
Interest will be payable on amounts drawn down at a rate of 3% above 3-months USD LIBOR. This Facility is scheduled to terminate on 28 December 2020.
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