Tereos withdraws $200 million hybrid perpetual notes offering

By Paul A. Harris

Portland, Ore., July 17 – France-based sugar producer Tereos withdrew its $200 million offering of hybrid perpetual notes (expected ratings S&P: B/Fitch: B+) on Monday following an investor roadshow, according to a market source.

The notes were non-callable for six years.

The company elected not to proceed with the deal despite good interest among its investor base, the source commented.

The Regulation S deal was being guided in the 7 3/8% area.

HSBC, Natixis, BNP Paribas and Standard Chartered Bank were the joint bookrunners.

Proceeds were to have been used for general corporate purposes, including bank debt refinancing.

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