Nemak Poised to Fund Upsized Loan

Aug 16, 2011

Mexican car parts manufacturer Tendedora Nemak is poised to fund an upsized $1.145bn dual-tranche loan on Thursday after luring some 21 banks into the transaction. The loan is part of a refinancing of restructured debt that will allow the company to free up collateral, lower funding costs and loosen covenants as it prepares for more growth in the car sector. The deal was initially launched in early July as a $1bn 5-year amortizing term loan via leads BBVA, Citi, HSBC and Santander, but has since seen the addition of a $145m...

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