Tereos talks upsized €350 million five-year notes at 7¼%-7 3/8%; pricing Tuesday

By Paul A. Harris

Portland, Ore., Jan. 17 – Tereos Finance Groupe I SA plans to price an upsized €350 million offering of senior notes due April 2028 (expected ratings BB-/BB-) on Tuesday, according to market sources.

The offer, which is upsized from €300 million, is talked to yield 7¼% to 7 3/8%, tight to initial talk in the 7½% area.

The Rule 144A and Regulation S five-year notes become callable after two years at par plus 50% of the coupon.

Sole physical bookrunner and global coordinator BNP Paribas will bill and deliver. Natixis is also a global coordinator and bookrunner. Commerzbank, CIC, ING and Rabobank are bookrunners.

The Paris-based agribusiness conglomerate plans to use the proceeds to repay its 2023 senior notes.

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