SPAIN: Sos in EUR300m debt offer to finance acquisitions
Spanish food group Sos has completed a EUR300m (US$395m) senior debt offer to restructure its liabilities and obtain better credit terms to finance future acquisitions, a company spokesman told just-food on Wednesday.
"By doing this we can cancel part of our bank debt and obtain better credit ratings," he said.
The offer comprised 6,000 debt notes at EUR50,000 each. The notes pay "excellent" interest rates, the spokesman added.
The move comes as Sos, which has over EUR500m in debt, is struggling to emerge from losses stemming from high raw material prices.
The company reported a 52% plunge in nine-month net profits as soaring olive-oil feedstocks offset a 22% jump in group revenues.
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