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Thursday, February 2, 2023
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Linklaters advises on first high yield transaction in Europe in 2023

A cross-border Linklaters team has advised French sugar and ethanol producer Tereos on its high yield offering of €350 million 7.25% senior notes due 2028, marking the first high yield transaction in the European market in 2023

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Tereos is a leading global agro-industrial cooperative specialising in the sourcing and processing of agricultural raw materials. The company is present in 127 countries worldwide and operates through a network of 43 operating facilities in 10 countries with approximately 14,700 employees.

The proceeds of the offering will be used to refinance existing notes when they are repayable at par and for general corporate purposes. Following significant investor demand, the deal was upsized from €300m to €350m.

Tereos effectively reopened the high-yield market printing a €350 million five-year non-call two bond at a 7.25% coupon to help refinance a 4.125% June 2023 bond, callable in March.

The cross-jurisdictional Linklaters team was led by London High Yield partner Giacomo Reali, together with London senior U.S. associate David Adler, Madrid managing associate Álvaro Albors and London U.S. associates Anu Akinbamidele and Kimberly Martin. The team was also supported by the firm’s Paris Capital Markets and New York Tax teams.

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