French Tereos obtains 230 million euros of loan guaranteed by the State

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FILE PHOTO: The Tereos logo is displayed at a sugar beet processing plant in Chevrieres, France, March 20, 2019. REUTERS / Benoit Tessier / File Photo

PARIS (Reuters) – French sugar and ethanol group Tereos said it had secured a state-guaranteed loan of 230 million euros ($ 269 million), which should help it raise the heavy challenges posed by the COVID-19 crisis.

Tereos, the world’s second-largest sugar producer, posted its first full-year net profit in three years last month, helped by rising European sugar prices and asset sales, but debt remained high at 2 , 6 billion euros as of March 31.

The loan, granted as part of a support program for businesses affected by the COVID-19 crisis, has been 80% guaranteed by the French state and repayable within five years, Tereos said.

It was secured with Natixis, BNP Paribas, Rabobank, Commerzbank, Bred Banque Populaire, Banque Palatine, Caisse d’Epargne et de Prevoyance Grand Est Europe, Credit Cooperatif, Crédit Industriel et Commercial.

Report by Sybille de La Hamaide; Editing by GV De Clercq

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