French sugar group Tereos is still working to find additional banks to spread ri...
FILE PHOTO: The Tereos logo is displayed at a sugar beet processing plant in Origny-Sainte-Benoite, France, March 20, 2019. REUTERS/Benoit Tessier/File PhotoPARIS - French sugar group Tereos is still working to find additional banks to spread risk on a 250 million euro loan secured earlier this year, two sources familiar with the matter said.
Tereos then launched a syndication round with about 10 banks, including other members of its banking pool and new ones, in a bid to spread the risk, the two sources said.“The group is in constant dialogue with its financial partners on various financing operations around the world. The group does not comment on these non-public discussions which, taken in isolation, may give a misleading picture of the group’s funding,” Tereos said in an email statement.
“The problem here was significant risk. The pricing offered failed to attract banks,” said the third source. 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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