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Latham & Watkins Advises Initial Purchasers in Tereos’ €350 Million High Yield Senior Notes Offering

January 25, 2023
Paris-based capital markets team represented the initial purchasers in connection with a new high yield offering by a leading sugar, starch, and sweeteners producer.

Tereos SCA (Tereos), a leading global agro-industrial company specialized in the sourcing and processing of agricultural raw materials into a variety of commodities, natural extracts, and ingredients, completed an offering of €350 million in aggregate principal amount of 7.250% Senior Notes due 2028 on January 24, 2023 through its subsidiary, Tereos Finance Groupe I SA. This fourth high yield issuance for the group marks the first transaction to open the European high yield market this year. 

The proceeds of the offering will be used to refinance Tereos’ existing notes due 2023 when they are repayable at par, for general corporate purposes, including to repay other outstanding group debt, and to pay costs, fees, and expenses in connection with the offering.

As has been the case for each of Tereos’ prior high yield offerings, Latham & Watkins advised a syndicate of initial purchasers led by BNP Paribas and Natixis in connection with the offering, with a Paris-based capital markets team led by partner Thomas Margenet-Baudry, with counsel Michael Ettannani, and associates Laurie Tomassian and Léa Carresse.