Exclusive: Tereos still searching for wider funding – sources

0
68


(Corrects headline and paragraph 1 to make clear that syndication process is ongoing, to make clear in paragraph 5 that no offers finalized by April 15, to clarify sourcing throughout)

FILE PHOTO: The Tereos logo is displayed at a sugar beet processing plant in Origny-Sainte-Benoite, France, March 20, 2019. REUTERS/Benoit Tessier/File Photo

By Sybille de La Hamaide

PARIS (Reuters) – French sugar group Tereos is still working to find additional banks to spread risk on a 250 million euro ($281 million) loan secured earlier this year, two sources familiar with the matter said.

Tereos, the world’s second-biggest sugar producer, has struggled to cope with poor market conditions since the European Union’s output quota regime ended in 2017, warning that it would post a loss for a second year in a row this season.

The debt-laden cooperative group said in February it had subscribed a 250 million euros ($281 million) loan with BNP Paribas, Natixis and Rabobank, to reimburse half…



Read the Full Story here

LEAVE A REPLY