An attempt by French sugar group Tereos to spread risk on a 250 million euro ($2...
PARIS - An attempt by French sugar group Tereos to spread risk on a 250 million euro loan secured earlier this year has failed to attract bidders, leaving three main creditor banks with exposure, sources familiar with the matter said.
The debt-laden cooperative group said in February it had subscribed a 250 million euros loan with BNP Paribas, Natixis and Rabobank, to reimburse half of its 2020 bond one year in advance. “The problem here was significant risk. The pricing offered failed to attract banks,” one source said. “This means they will have to pay more and go elsewhere.”
The sugar maker said in February it maintained at group level a financial security of 1 billion euros as of Dec. 31, 2018, including a still undrawn 225 million euros back-up facility, despite plunging profits.
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