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PureCircle Limited (PURE)

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Wednesday 29 April, 2020

PureCircle Limited

New Banking Facility

RNS Number : 2131L
PureCircle Limited
29 April 2020
 


 

 

New Banking Facility

 

 

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 provide the following update:-

 

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 ( https://purecircle.com/news/ingredion-to-acquire-controlling-75-stake-in-purecircle/ ), 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 drawndown at a rate of 3% above 3-months USD LIBOR. This Facility is scheduled to terminate on 28 December 2020.

 

29 April 2020

 

 

Enquiries:

 

 

Jimmy Lim, CFO

Email: [email protected]

Phone: +6 012 326 2908

 

 

Newgate Communications, Media Relations

Elisabeth Cowell

Giles Croot

Email: [email protected]

Phone: +44 (0) 20 3757 6880

 

Notes to Editors

 

About PureCircle

· PureCircle is the only company that combines advanced R&D with full vertical integration from farm to high-quality, great-tasting innovative stevia sweeteners.

· The Company collaborates with farmers who grow the stevia plants and with food and beverage companies which seek to improve their low- and no-calorie formulations using a sweetener from plants.

· PureCircle will continue to: lead in research, development and innovation; produce a growing supply of multiple varieties of stevia sweeteners with sugar-like taste, using all necessary and appropriate methods of production; and be a resource and innovation partner for food and beverage companies.

· PureCircle stevia flavor modifiers work in synergy with sweeteners to improve the taste, mouthfeel and calorie profile, and enhance the cost effectiveness, of beverage and food products.

· Founded in 2002, PureCircle is continually investing in breakthrough research and development and it has been granted over 214 stevia-related patents with more than 300 applied for patents pending.

· PureCircle has offices around the world with the global headquarters in Chicago, Illinois.

· To meet growing demand for stevia sweeteners, PureCircle is rapidly ramping up its supply capability. It completed expansion of its Malaysian stevia extract facility in March 2017, increasing its capacity to rapidly supply the newer and great-tasting specialty stevia sweeteners and helping provide ever-increasing value to its customers.

· PureCircle's shares are listed on the main market of the London Stock Exchange.

· For more information, visit:  www.purecircle.com

 

 

About stevia

· Given the growing global concerns about obesity and diabetes, beverage and food companies are working responsibly to reduce sugar and calories in their products, responding to both consumers and health and wellness advocates. Sweeteners from the stevia plant offer sugar-like taste and are becoming an increasingly important tool for these companies.

· Like sugar, stevia sweeteners are from plants. But unlike sugar, they enable low-calorie and zero-calorie formulations of beverages and foods.

· Stevia leaf extract is a natural-based, zero calorie, high-intensity sweetener, used by global food and beverage companies as a great-tasting zero-calorie alternative to sugar and artificial sweeteners.

· Stevia is a naturally sweet plant native to South America; today, it is grown around the world, notably in Kenya, China and the US.

· The sweet-tasting parts of the stevia leaf are up to 350 times sweeter than sugar: stevia's high-intensity sweetness means it requires far less water and land than sugar.

· Research has shown that the molecules of the stevia leaf are present and unchanged in the dried stevia leaf, through the commercial extraction and purification process, and in the final stevia leaf extract product. All major global regulatory organisations, across 65 countries, have approved the use of high-purity stevia leaf extracts in food and beverages.

· For more information on the science of stevia, please visit  https://www.purecirclesteviainstitute.com/

 


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