New Issue: Tereos sells upsized €125 million tap of 7½% notes due October 2025 at 106.75

Chicago, April 13 – Tereos Finance Group I SA sold an upsized €125 million of additional 7½% senior notes due Oct. 30, 2025 (B+/B+) at 106.75 to yield 5.7875% on Tuesday, according to a notice.

Originally, the issue size was expected at €100 million.

Price guidance was in the 106.75 to 107.25 range.

Tereos had issued the original €300 million of 7½% five-year notes in October.

The notes have a make-whole call until Oct. 30, 2022 at Bunds plus 50 basis points and then can be redeemed at 103.75 for the year after that date, 101.875 starting Oct. 30, 2023 and then at par from Oct. 30, 2024.

BNP Paribas is the manager for the Rule 144A and Regulation S add-on offering.

Proceeds from the tap issue will be used to repay a portion of an existing credit line and for general corporate purposes, according to a company announcement.

The issuer is a subsidiary of Tereos SCA, an agro-industrial group based in France.

Issuer:	Tereos Finance Group I SA
Issue:	Senior notes
Amount:	€125 million add-on
Maturity:	Oct. 30, 2025
Bookrunners:	BNP Paribas (left), Natixis and Rabobank
Coupon:	7½%
Price:	106.75
Yield:	5.7875%
Spread:	646 bps
Call features:	Make-whole call at Bunds plus 50 bps until Oct. 30, 2022; at 103.75 starting Oct. 30, 2022, at 101.875 starting Oct. 30, 2023 and then par from Oct. 30, 2024
Equity clawback:	Up to 40%
Change of control:	At 101
Trade date:	April 13
Settlement date:	April 20
Ratings:	S&P: B+
	Fitch: B+
Distribution:	Rule 144A and Regulation S
Price talk:	106.75 to 107.25, sized at €100 million
Original issue:	€300 million priced in October

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