Ingredion to repay revolver, term loan debt via note offering proceeds

By Wendy Van Sickle

Columbus, Ohio, Sept. 15 – Ingredion Inc. plans to repay borrowings under its term loan and its revolving credit facility with some proceeds of an offering of 10-year senior notes, according to a 424B5 filed with the Securities and Exchange Commission.

As of June 30, the company said it had about $350 million of debt outstanding under the term loan with interest of 1.26% and about $83 million drawn on its revolver, bearing interest at 1.7%.

The revolver matures Jan. 10, 2017, and the term loan matures Oct. 22, 2017.

BofA Merrill Lynch and J.P. Morgan Securities LLC are the bookrunners for the senior note offering.

Proceeds will also be used for general corporate purposes.

Ingredion is a Westchester, Ill.-based maker of starches and sweeteners.

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