Tirlán Co-op successfully closes out €250 million Exchangeable Bond

Tirlán Co-operative Society Limited (“Tirlán Co-op” or “the Co-op”) today announced the successful placement of 17 million shares in Glanbia plc and the close-out of its €250 million Exchangeable Bond.

The Bond, originally issued in January 2022, provided strategic funding at a very competitive interest rate of 1.875%, enabling the farmer-owned Co-operative to acquire full ownership of what is now Tirlán.

To fund the repurchase of the Bond, Tirlán Co-op placed 17 million shares in Glanbia plc (“Glanbia”) with institutional investors on 30 September 2025 at a share price of €13.55. 

The proceeds of €230.3 million from the share placement were used to fund the concurrent repurchase and cancellation of the outstanding Exchangeable Bond, which were acquired at their repurchase price of €262.5 million. The remaining balance was covered using existing Co-op resources set aside for this purpose.

Glanbia participated in the share placement by purchasing and cancelling 7.38 million shares, representing around 2.9% of the Company's share capital.

Following the completion of the sale of Glanbia shares (including the related cancellation of shares), Tirlán Co-Op now holds 17.86% of the publicly quoted company. Tirlán remains the largest equity investor in Glanbia and continues to be a strong supporter of its strategy.

Commenting on the transaction, Sean Molloy, Chief Executive of Tirlán Co-op, said:

“We are pleased to announce the very successful close-out of the Exchangeable Bond — a strategic financing initiative that has delivered significant value for the Co-op and our Members. The Board considered it timely to repay the Bond now, thereby completing the transaction that led to the formation of Tirlán and placing the Co-op in a strong financial position.

“Following this highly positive outcome, our Co-op is now effectively debt free and continues to hold a valuable €610 million* stake in Glanbia plc. This marks the culmination of a journey that began in 2012, during which we achieved full ownership of our business, retained a significant shareholding in Glanbia plc, and distributed 63 million plc shares—today valued at €882 million—to our Members.”

Tirlán Co-op originally issued the €250 million five-year secured Exchangeable Bond in January 2022. Structured as a low-interest, equity-linked instrument, the Bond enabled the Co-op to borrow against its shareholding in Glanbia plc while retaining ownership and dividend rights to the pledged shares throughout its term. 

*Based on a Glanbia plc closing share price of €14.01 on 30 September 2025.