Senda Weighs Refinancing Options

Senda Weighs Refinancing Options

Mexico Bonds Loans

Facing a $150m bond maturity due in 2015, Mexican bus operator Grupo Senda is looking at both the bond and loan markets, its CFO says. Ideally the new debt would be peso-denominated, and the borrower is currently discussing a bank loan with lenders. If the size and tenor aren’t there in MXP, however, a return to the international bond market would be in order for the B rated issuer. “We are at the very limit of acceptable size,” Leopoldo Villareal says, noting $200 is the minimum entry level in

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