TOM BARRY WELCOMES BEET
IRELAND ‘LOAN NOTES’ INVESTMENT SCHEME
DEPUTY Tom Barry has warmly welcomed the launch at the National Ploughing Championships of the Beet Ireland ‘Loan Notes’ Investment Scheme. Beet Ireland is seeking to raise €60m in loan notes to fund the pre-development of the new state-of-the-art sugar and bioethanol facility.
Deputy Barry said: “This is another step forward in the realisation of a return to sugar production in Ireland – a return which has been at the top of my political agenda since I was first elected. Countless hours of negotiations, consultations and public meetings have brought us to this point – at local, national and EU level. “There is no doubt at this point that the re-emergence of sugar production will become a reality in Ireland. The decision to abolish Sugar Quotas across the EU from 2017 saw off the major political stumbling block and we are firmly on the way to a facility which will have the capacity to produce 250,000 tonnes of refined sugar and 11 million litres of fuel grade bioethanol annually. “The implications for agriculture, employment and associated industries and jobs are absolutely massive and I welcome the publication of this investment scheme at this point. Throughout the process, Minister Simon Coveney and his team have been fully supportive of our efforts and I would like to thank them and congratulate Beet Ireland on their continuing progress.” Beet Ireland has been working with Cantor Fitzgerald to plan the financing of this major strategic infrastructural project for Ireland, which will cost in the order of €400 million. Funds will be raised in conjunction with the capital needs of the project. The first fund raise tranche of €3 million will be used to finance the pre-development costs for the new state-of- the-art sugar and bioethanol production facility, including site investigation and planning, with a view to securing planning permission for the facility. The Loan Notes under this first tranche will have a term of eight years and will carry a rolled up coupon of up to 20%, compounded annually and payable at maturity.