Comerci Reaches Deal with Domestic Creditors

Comerci Reaches Deal with Domestic Creditors

Corporate & Sovereign Strategy

Controladora Comercial Mexicana has reached a debt restructuring agreement with domestic bondholders. It will exchange 5 series of its existing bonds on a 1-for-1 basis with new 7-year floating-rate notes paying interest at the TIIE rate. The new debt will be issued in “as soon as possible,” the retailer says, without providing the total value of the new bonds. While seen as a positive step by the markets, the transaction represents only a small piece of the $1bn-$2bn in liabilities Comerci is s

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