New Issue: Tereos prices €400 million 4 1/8% seven-year notes at 99.257 to yield 4¼%

By Paul A. Harris

Portland, Ore., June 9 – France-based sugar producer Tereos priced a €400 million issue of 4 1/8% seven-year senior notes (/BB/BB) at 99.257 to yield 4¼% on Thursday, according to a market source.

Global coordinators and physical bookrunner Natixis will bill and deliver. BNP Paribas and Rabobank were also global coordinators and physical bookrunners.

Proceeds will be used for general corporate purposes and for debt refinancing, including €170 million of bank debt at Tereos EU.

The company is based in Lille, France.

Issuer:	Tereos Finance Groupe 1
Amount:	€400 million
Maturity:	June 6, 2023
Securities:	Senior notes
Global coordinators:	Natixis (bill and deliver), BNP Paribas, Rabobank
Physical bookrunners:	BNP Paribas, CM-CIC, HSBC, Natixis, Rabobank
Bookrunners:	Commerzbank, ING
Coupon:	4 1/8%
Price:	99.257
Yield:	4¼%
Spread:	455 bps
Call:	Par call three months prior to maturity, otherwise non-callable
Trade date:	June 9
Settlement date:	June 16
Ratings:	S&P: BB
	Fitch: BB
Distribution:	Regulation S
Marketing:	Roadshow

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