Linklaters advises Tereos on the first high yield transaction in the European market in 2023

Linklaters has advised Tereos on its high yield offering of €350m 7.25% senior notes due 2028, marking the first high yield transaction in the European market in 2023.

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.

The cross-jurisdictional Linklaters team was led by high yield partner Giacomo Reali, together with senior U.S. associate David Adler, managing associate Alvaro Albors and 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.