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Ingredion Announces Pricing of $1 Billion Senior Notes Offering

WESTCHESTER, Ill., May 08, 2020 (GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food manufacturing industry, today announced the pricing of an offering of $600 million principal amount of 2.900% senior notes due 2030 and $400 million principal amount of 3.900% senior notes due 2050.

The offering was made pursuant to a registration statement filed with the U.S. Securities and Exchange Commission. The offering is expected to close on May 13, 2020, subject to customary closing conditions.

Ingredion estimates that the net proceeds from the offering will be approximately $986 million after deducting the underwriting discount and before deducting other estimated expenses. Ingredion plans to use the net proceeds of this offering to repay all or a portion of the outstanding indebtedness under our revolving credit facility and our 4.625% senior notes due 2020, and to use any remaining amount of net proceeds for general corporate purposes.

BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as joint book-running managers for the offering.

The offering of senior notes may be made only by means of a prospectus supplement and an accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus relating to the offering can be obtained from:

BofA Securities, Inc.
200 North College Street, 3rd floor
Charlotte, NC 28255-0001
Attn: Prospectus Department
Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (800) 831-9146
J.P. Morgan Securities LLC
383 Madison Avenue
New York, NY 10179
Attn: Investment Grade
Syndicate Desk
Telephone: (212) 834-4533

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these senior notes in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Ingredion Incorporated (NYSE: INGR), headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in more than 120 countries. With 2019 annual net sales over $6 billion, Ingredion turns grains, fruits, vegetables and other plant­-based materials into value­-added ingredients solutions for the food, beverage, animal nutrition, brewing and industrial markets. With Ingredion Idea Labs® innovation centers around the world and more than 11,000 employees, Ingredion co-­creates with customers and fulfills its purpose of bringing together the potential of people, nature and technology to create ingredient solutions that make life better.

This press release contains “forward-­looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend these forward­-looking statements to be covered by the safe harbor provisions for such statements.

These forward-­looking statements include, among other things, the expected closing date of the offering, the expected net proceeds from the sale of the senior notes and the expected use of such proceeds. These statements can sometimes be identified by the use of forward­-looking words such as “may,” “will,” “plan,” “estimate,” “expect,” “intend” or other similar expressions or the negative thereof. All statements other than statements of historical facts in this press release are “forward-­looking statements.”

These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and are beyond our control. Although we believe our expectations reflected in these forward-­looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct.

Actual results and developments may differ materially from the expectations expressed in or implied by these statements, based on various factors, including changing consumption preferences and perceptions, including those relating to high fructose corn syrup; the effects of global economic conditions and the general political, economic, business and market conditions that affect customers and consumers in the various geographic regions and countries in which we buy our raw materials or manufacture or sell our products, including, particularly, economic, currency and political conditions in South America and economic and political conditions in Europe, and the impact these factors may have on our sales volumes, the pricing of our products, our access to credit markets and our ability to collect our receivables from customers; adverse changes in investment returns earned on our pension assets; future financial performance of major industries which we serve and from which we derive a significant portion of our sales, including the food, beverage, animal nutrition and brewing industries; the uncertainty of acceptance of products developed through genetic modification and biotechnology; our ability to develop or acquire new products and services at rates or of qualities sufficient to meet expectations; changes in U.S. and foreign government policy, laws or regulations and costs of legal compliance; increased competitive and/or customer pressure in the corn­-refining industry and related industries, including with respect to the markets and prices for our primary products and our co­-products, particularly corn oil; the availability of raw materials, including potato starch, tapioca, gum Arabic and the specific varieties of corn upon which some of our products are based, and our ability to pass on potential increases in the cost of corn or other raw materials to customers; raw material and energy costs and availability; our ability to contain costs, achieve budgets and realize expected synergies, including with respect to our ability to complete planned maintenance and investment projects on time and on budget, and to achieve expected savings under our Cost Smart program as well as with respect to freight and shipping costs; the impact of financial and capital markets on our borrowing costs, including as a result of foreign currency fluctuations, fluctuations in interest and exchange rates and market volatility and the associated risks of hedging against such fluctuations; the potential effects of climate change; our ability to successfully identify and complete acquisitions or strategic alliances on favorable terms as well as our ability to successfully integrate acquired businesses or implement and maintain strategic alliances and achieve anticipated synergies with respect to all of the foregoing; operating difficulties at our manufacturing plants or with respect to boiler reliability; risks related to product safety and quality and compliance with environmental, health and safety, and food safety laws and regulations; economic, political and other risks inherent in operating in foreign countries with foreign currencies and shipping products between countries, including with respect to tariffs, quotas and duties; interruptions, security breaches or failures that might affect our information technology systems, processes and sites; our ability to maintain satisfactory labor relations; the impact that weather, natural disasters, war or similar acts of hostility, acts and threats of terrorism, the outbreak or continuation of pandemics, such as COVID-19 and other significant events could have on our business; the potential recognition of impairment charges on goodwill or long lived assets; changes in our tax rates or exposure to additional income tax liabilities; and our ability to raise funds at reasonable rates to grow and expand our operations.

Our forward-­looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward­-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” included in our Annual Report on Form 10­K for the year ended December 31, 2019 and our subsequent reports on Form 10­Q and Form 8­K.

Investors: Tiffany Willis, 708-551-2592
Media: Becca Hary, 708-551-2602

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