Cerealto — Debt · €110M

Cerealto closed a €110M syndicated financing with eight national and international financial institutions (individual banks not disclosed), structured in two tranches of €50M and €60M maturing in 2031 and 2032, to fund industrial capacity, innovation and international expansion. Press reports say the group drew an initial €82.5M, largely used to cancel a participative loan of roughly €71M held with Adare Finance, a vehicle linked to shareholder Davidson Kempner, in effect a dividend recap; this is pure bank debt with no equity component.