French sugar and ethanol group Tereos said it had secured a state-guaranteed loan of €230 million ($269 million), which should help it meet 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 higher sugar prices in Europe and asset sales, but debt remained high, at €2.6 billion by 31 March.
The loan, granted under a programme to support businesses impacted by the COVID-19 crisis, was guaranteed at 80% 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.
