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DUBLIN - Tirlán Co-operative Society Limited announced Tuesday it plans to sell approximately 17 million ordinary shares in Glanbia plc, representing about 7% of the company’s share capital, through a private placement to institutional investors.
The Irish dairy cooperative will use proceeds from the share sale to finance the repurchase of its outstanding €250 million 1.875% secured exchangeable bonds due January 2027. The bonds previously helped Tirlán acquire full ownership of what is now Tirlán.
Following the transaction, Tirlán will retain 43,549,029 ordinary shares in Glanbia, maintaining its position as the company’s largest equity investor.
Glanbia plc has indicated it intends to participate in the placement by placing an order for up to 45% of the offered shares, with a maximum value of €100 million. Any shares acquired by Glanbia will be canceled.
The share placement is being conducted through an accelerated bookbuild offering with Goodbody Stockbrokers UC and J&E Davy acting as joint global coordinators and joint bookrunners. Coöperatieve Rabobank U.A. in cooperation with Kepler Cheuvreux S.A. will serve as joint bookrunner.
Settlement of the placement is expected to occur around October 3, 2025. Tirlán has agreed to a 90-day lock-up period on its remaining Glanbia shares following the settlement date, subject to waiver by the joint global coordinators.
The final number of shares to be placed and their price will be determined at the close of the bookbuild process, according to the company’s press release statement.
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