Impressing the Local Crowd

Impressing the Local Crowd

Mexico

Coca-Cola Femsa, the Mexican soft drink bottler, has never had much need for the capital markets because of its ability to generate vast amounts of cash. The Monterrey-based company had annual revenues of around $1.5 billion and had not issued a bond since the early 1990s. In 2003, Femsa needed to assemble billions of dollars to take over Panamco, its larger competitor, in a $3.65 billion acquisition (see "Slow and Steady Won the Race"). A key part of the financing Femsa marshaled to buy Panamco came from a MP4.25 billion ($395 million) local market issue, the largest single-day fundraising exercising a company has ever undertaken in the Mexican market. The three-tranche bond was

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