September 13, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

A total of eight lending participants committed to backing an oversubscribed $225 million revolving credit facility led by Rabobank as the sole Lead Arranger, sole Bookrunner, and Administrative Agent for North American integrated sugar refiner Sucro Can Sourcing. 

Initially launched at $175 million, strong demand from new and existing institutions led to the expansion of the funding by $50 million as backers, including Macquarie Bank Limited and Valley National Bank, signed on as syndication agents.

“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.”

Since its launch in 2014, Sucro has created value for customers through continuous product innovation and supply chain re-engineering.

With offices in Miami, Mexico City, Sao Paulo, Cali, Guayaquil, and Port of Spain, along with two North American refining locations and two value-added processing facilities, Sucro has built out an extensive production, sales, and sourcing network that focuses on the industrial sector, but also creates a unique opportunity in the retail space as well.

Already rapidly growing, Sucro’s mission is to become the leading alternative integrated sugar supplier in North America by leveraging its processing footprint and supply chain innovations to fully provide for sugar users. Its relationships and efficient operating model has marked the company as a dynamic trade partner for mills, processors, distributors, and industrial players.

And the market is ready. The North American industrial sugar market is expected to see a CAGR of 6.01 percent between 2020-2026, increasing in value over that time period from $12.15 billion in 2020 to $16.85 billion in 2026, according to Market Data Forecast. 

“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,” said Jonathan Taylor, founder and CEO, Sucro Sourcing. “We are delighted to continue this growth with the financial support of Rabobank, an industry leader in the global commodity sector.”

Christine Pelletier, head of Trade & Commodity Finance Americas, Rabobank, added, “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.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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