French Sugar Producer Tereos Bonds Surge on Earnings Growth
2020-11-18 10:26:42.445 GMT
By Libby Cherry
(Bloomberg) — Bonds issued by French sugar producer Tereos
SCA rose for a 13th day after co. reported higher earnings and
lower debt on Wednesday.
* EU600m bonds due June 2023 rose 1.3 cents on the euro to 99.2,
the highest since April 2018: data compiled by Bloomberg
** EU300m bonds due Oct. 2025 jump 2.1 cents on the euro to
106.5, the highest since they were issued last month
* Co. results through Sept. 30:
** 1H20 adjusted Ebitda rose 114% y/y to EU237m
** 2Q adjusted Ebitda rose 84% to EU143m
** Net debt fell to EU2.5b as of Sept. 30 from EU2.7b
* A spokesperson for Tereos wasn’t immediately available for
comment
* Sugar prices and “good dynamic of the alcohol market” helped
group Ebitda recovery in Q2, Spread Research analysts wrote in
an emailed note to clients on Wednesday
* NOTE: France’s Top Sugar Producer Sees Bigger Disease Hit to
Beet Crop