Sucro Limited, a leading growth-oriented sugar refiner, successfully completed 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."