Petrotemex Closes Loan Amendment

Petrotemex Closes Loan Amendment

Mexico Loans

Mexican petrochemical company Petrotemex has closed an amendment to its $600m loan after watching several European and Chilean banks decline to participate, and BBVA joining as a newcomer. Originally used to finance the company’s acquisition of Eastman Chemical’s PET business in the US, the facility keeps the original pricing structure, but changes from a 3-year bullet into a 5-year amortizer. The 5-year will require a $125m payment in 2013, $75m in 2014, $200m in 2015 and $200 in 2016

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