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Sunday, April 23, 2017
“Gruma significantly improves its maturity profile and secures savings of about 50 basis points relative to its refinanced debt.”.
Mexico City, 23 April 2017. Gruma obtained a syndicated long-term loan for US$400 million dollars, for the purpose of structuring its debt under better cost terms, improve its maturity profile, and increase available commited lines, which to date amount to US$434 millions of dollars.
This credit, unsecured by the company, was partially used to refinance existing bank debts with maturity dates this year and in 2018.
Gruma, world leader in corn flour, tortilla and wrap production, will not increase its debt because it will only use the amount it requires to refinance existing liabilities.
This credit was obtained in equal parts from a group of banks: Banco Nacional de México, S.A., member of Grupo Financiero Banamex; Bank Of America, N.A; The Bank of Tokyo-Mitsubishi Ufj, Ltd.; Coöperatieve Rabobank U.A.; New York Branch, (“Rabobank”); JPMorgan Chase Bank, N.A.; and The Bank of Nova Scotia, with Rabobank as agent bank.
The composition of the loan is as follows:
(1) Credit for US$150 million for a 5-year term and 4.2 years average life, at the LIBOR rate plus a 100 basis point surcharge. Amortization of this credit begins in April 2019.
(2) Committed revolving credit for US$250 million for a 5-year term, at the LIBOR rate plus a 100 basis point surcharge. Initial withdrawal was for US$66 million, which left US$184 million committed and available.
In this manner, Gruma eliminated its short-term debt, subtantially improved its maturity profile, and secured important interest rate savings of about 50 basis points with respect to its current debt.
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