Ingredion enters $1.475B delayed draw term loan to fund Tate & Lyle acquisition

Ingredion Inc

Committed $1.475B delayed draw term loan, split $500M Tranche A-1 and $975M Tranche B-1.
Proceeds used to finance cash consideration for acquisition of Tate & Lyle PLC.
Replaces $1.475B tranche of prior $4.225B bridge facility; $2.75B bridge remains.
Tranche A-1 matures 3 years after funding, Tranche B-1 matures 5 years after; quarterly amortization at 5% p.a.
Financial covenants: max leverage 3.5x (4.0x post-acquisition) and min interest coverage 3.5x.

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