French sugar producer Tereos, through its subsidiary Tereos Finance Groupe, is issuing a series of bonds worth €300 million. In this way, the company hopes to reduce its debt burden.
French sugar and ethanol producer Tereos announced today (Monday, January 10) that it will issue new senior unsecured bonds to reduce some of its current debt burden. The amount of €300 million will be issued through subsidiary Tereos Finance Groupe. The bonds have a maturity date of 2027. The company previously issued similar bonds, with a maturity date in 2025. S&P Ratings said it rated the proposed senior unsecured bonds "B+" shortly after release.
The debt burden of the world's second largest sugar producer stood at a staggering €2,7 billion in February of last year. More recent figures are not yet known, they will probably emerge when the annual figures are presented. The low prices after the end of the European sugar quota in 2017 has been hampering the group's results for years. Falling sugar production does not help.
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