BEST SYNDICATED LOAN
At a time when the syndicated loan market was still thawing from a deep, crisis-driven freeze, Americas Mining Corporation (AMC), a wholly-owned subsidiary of Grupo México, provided an encouraging sign.
It signed a $1.5 billion
senior secured term loan facility to help close a $3.9 billion
reorganization plan to take Asarco out of Chapter 11
bankruptcy. Asarco is the third largest copper miner in the US,
and is a subsidiary of AMC, which filed for Chapter 11
bankruptcy in 2005.
"We took this loan out
opportunistically, as we wanted to seize the moment to access
the markets at the right time," Grupo México CFO Daniel
Muñiz tells LatinFinance. "You never know what
copper prices will do, as the market is cyclical, so we wanted
to ensure we had the war chest to implement the aggressive
projects that we have planned."
The deal launched...
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