January 1, 2011
It signed a $1.5 billion senior secured term loan facility to help close a $3.9 billion reorganization plan to take Asarco out of Chapter 11 bankruptcy. Asarco is the third largest copper miner in the US, and is a subsidiary of AMC, which filed for Chapter 11 bankruptcy in 2005.
"We took this loan out opportunistically, as we wanted to seize the moment to access the markets at the right time," Grupo México CFO Daniel Muñiz tells LatinFinance. "You never know what copper prices will do, as the market is cyclical, so we wanted to ensure we had the war chest to implement the aggressive projects that we have planned."
The deal launched in August 2009 and funded in December at a ti
At a time when the syndicated loan market was still thawing from a deep, crisis-driven freeze, Americas Mining Corporation (AMC), a wholly-owned subsidiary of Grupo México, provided an encouraging sign.