Ternium Pulls Loan as Outlook Sours

Ternium Pulls Loan as Outlook Sours

Loans

Mexican steelmaker Ternium has canceled plans to raise $350m in a 5-year amortizing loan. The facility, offered to a group of relationship banks at Libor plus 350bp, was destined for capex and debt amortization. The deal had already garnered 5-6 commitments from banks by the time the company and its leads opted to withdraw, say people close to the process. But as the company’s new projections for the coming year emerged, it became clear that any new financing, including the new loan, would have

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