Sucro and Rabobank Announce $225 Million Revolving Credit Facility
NEW YORK (August 31, 2022) – Sucro Can Sourcing LLC, a rapidly growing integrated sugar refiner, and Rabobank, a global financial services leader in food and agribusiness, announced the successful closing of a $225 million senior secured credit facility.
As a highly integrated sugar refiner operating primarily in North America, Sucro’s mission is to be the leading alternative integrated sugar supplier in North America, leveraging its processing footprint and supply chain innovations to fully service sugar users. Sucro’s relationships and efficient operational model has established the company as a dynamic sugar trade partner for sugar mills, processors, distributors and industrial customers.
“Sucro is demonstrating supply chain innovation and willingness to invest in new refining capacity in both Canada and the United States, and we have been strongly supported by our growing customer base”, says Jonathan Taylor, Founder and CEO of Sucro Sourcing. “We are delighted to continue this growth with the financial support of Rabobank, an industry leader in the global commodity sector.”
Rabobank, which provides sector expertise, strategic counsel and tailored solutions to clients across the entire food value chain, has a longstanding commitment to supporting the global food, commodity and agriculture sectors.
“We are excited to partner with Sucro, a company that has established itself as not only a niche player but a creative and innovative leader in the multi-billion dollar sugar industry,” said Christine Pelletier, Rabobank’s Head of Trade & Commodity Finance Americas.
The revolving credit facility, which initially launched at $175 million was considerably oversubscribed with strong demand from new and existing institutions. The $225 million revolving credit facility was led by Rabobank as the sole Lead Arranger, sole Bookrunner, and Administrative Agent. A total of eight lenders participated in the transaction, including Macquarie Bank Limited and Valley National Bank as Syndication Agents. The proceeds from the facility will be used for general working capital purposes.
“The significant oversubscription is validation of the bank group’s confidence in the long-term growth potential of Sucro, supported by a consistent track record of operational and financial execution,” said Christopher Hartofilis, Head of Capital Markets North America. “We are very proud to be leading the financing to support Sucro’s continued expansion and growth.”
Sucro Can Sourcing LLC
About Sucro Can Sourcing
Since its inception in 2014, the company has achieved significant growth by creating value for customers, through continuous process innovation and supply chain re-engineering. While focused on the industrial sector, Sucro’s supply chain advantage creates a unique opportunity in the retail sector as well. Sucro has established an extensive production, sales and sourcing network throughout North America with two refining locations and two additional value-added processing facilities in North America, and offices in Miami, Mexico City, Sao Paulo, Cali, Guayaquil, and Port of Spain. For more information, visit sucro.us and follow us on LinkedIn.
Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, and real estate services in more than 38 countries worldwide. Founded over a century ago, Rabobank today is one of the world’s largest banks with over $765 billion in assets. In the Americas, Rabobank is a premier bank to the food, agribusiness and beverage industry, providing sector expertise, strategic counsel and tailored financial solutions to clients across the entire food value chain. Additional information is available on our website or on our social media platforms, including Twitter and LinkedIn.