- Syndicated financing poised to propel the sugar refiner's
strategic growth and expansion
- Sucro well-positioned to expand refinery-driven supply chain
and meet increasing refined sugar demand
- Rabobank acts as lead arranger, sole bookrunner and
administrative agent
NEW
YORK, Sept. 19, 2024 /CNW/ - Sucro Limited
(TSXV: SUGR) (OTCQB: SUGRF), a leading growth-oriented sugar
refiner, is pleased to announce the successful completion of a new
syndicated credit facility with Rabobank. This continued financial
partnership will provide Sucro Limited with the capital needed to
accelerate growth, expand operations and bolster its position as a
key player in the North American sugar industry.
The two-year facility increases Sucro Limited's borrowing
capacity to $325 million with a
$50 million accordion feature. This
financing will be used for general corporate purposes and enable
Sucro to pursue strategic opportunities, expand its refinery-driven
supply chain and continue to meet the increasing demand for refined
sugar.
"We are thrilled to grow our relationship with Rabobank through
this new syndicated credit facility," said Jonathan Taylor, founder and CEO of Sucro
Limited. "This agreement represents a significant milestone for
Sucro and will allow us to capitalize on emerging opportunities in
the global sugar market. The additional capital will help us scale
our operations, enhance our sustainability initiatives and
strengthen our relationships with suppliers and customers
worldwide. We are grateful for Rabobank and our other banking
partners' confidence in our vision and their commitment to
supporting our growth."
Led by Rabobank, eight lenders participated in the transaction
with support from a syndicate of international financial
institutions. Rabobank served as the lead arranger, sole bookrunner
and administrative agent. Macquarie Bank Limited, M&T Bank and
Wells Fargo acted as syndication agents and Royal Bank of
Canada joined as a new member of
the syndicate. The transaction underscores the strong relationship
between Sucro Limited and Rabobank, as well as Sucro's robust
business model and commitment to sustainable growth.
"It's fantastic to see renewed commitments from 100% of our
existing syndicate members and the addition of a leading Canadian
bank," Taylor said. "The revised facility has more favorable
pricing, which will have a positive impact on our future financial
results, as we remain focused on driving operational excellence and
delivering long-term value to our stakeholders."
Rabobank, which provides sector knowledge, strategic advisory
and tailored products and services to clients across the entire
food value chain, has a longstanding track record for supporting
the global food, commodity and agriculture sectors. The bank's
senior leaders have expressed enthusiasm over strengthening this
relationship:
"Sucro Limited has demonstrated a steadfast commitment to growth
and sustainability in the sugar industry and we are proud to
provide support with this syndicated credit facility, said
Rabobank's Christine Pelletier,
managing director and regional head of trade and commodity finance
in the Americas. "At Rabobank, we strive to work with
forward-thinking industry leaders like Sucro that are dedicated to
responsible business practices. We look forward to a successful
long-term partnership with Sucro as it continues to drive
innovation in the sugar industry."
The renewed facility, oversubscribed for the third straight
year, highlights the deep conviction Sucro Limited's banking
partners have in its strategic growth plan. "The significant
oversubscription is a testament to the syndicate's confidence in
Sucro's long-term growth, as evidenced by a consistent track record
of operational and financial execution," said Christopher Hartofilis, head of capital markets
for Rabobank North America. "We are proud to lead financing to
support Sucro's continued expansion."
About Sucro
Sucro is a growth-oriented sugar company that operates
throughout the Americas, with a primary focus on serving the North
American sugar market. The Company operates a highly integrated and
interconnected sugar supply business, utilizing the entire sugar
supply chain to service its customers. Sucro's integrated supply
chain includes sourcing raw and refined sugar from countries
throughout Latin America, and
refined sugar from its own refineries, and delivering to customers
in North America and the
Caribbean. Since its inception in
2014, Sucro has achieved significant growth by creating value for
customers through continuous process innovation and supply chain
re-engineering. Sucro has established a broad production, sales and
sourcing network throughout North
America with two cane sugar refineries and an additional
value-added processing facility. The Company has offices in
Miami, Mexico City, Sao
Paulo, and Port of Spain.
For more information, visit sucro.us and follow us on LinkedIn.
About Rabobank
Rabobank Group is a global financial services leader providing
wholesale, rural and retail banking, leasing, and real estate
services in 37 countries worldwide. Founded more than 125
years ago, Rabobank today is one of the world's largest banks
with more than $678 billion in assets. In the
Americas, Rabobank is a premier bank to the food, agribusiness,
commodities and renewable energy industries, providing sector
expertise, strategic counsel and tailored financial solutions to
clients across the entire value chain. Additional information
is available on the Rabobank website or on the
Rabobank social media platforms,
including Twitter and LinkedIn.
SOURCE Sucro Limited