Sucro, a growth-oriented sugar refiner, completed a new syndicated credit facility with Rabobank. This continued financial partnership will provide Sucro 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’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,” Jonathan Taylor, founder and CEO of Sucro, said. “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, M&T Bank and Wells Fargo acted as syndication agents, and Royal Bank of Canada joined as a new member of the syndicate.
“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.”
“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,” Christine Pelletier, managing director and regional head of trade and commodity finance in the Americas at Rabobank, said. “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 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,” Christopher Hartofilis, head of capital markets for Rabobank North America, said. “We are proud to lead financing to support Sucro’s continued expansion.”
