Idesa follows through with debt exchange

Idesa follows through with debt exchange

Asset Management Bonds Debt Capital Markets Fixed Income Funds Mexico Brazil US

Mexican petrochemical company Idesa said on Thursday that it agreed to exchange $275 million in 7.875% 2020 notes, or 91.6% of the outstanding amount, for new 9.375% 2026 notes. Idesa had to delay the deadline five times and sweeten the offer to get bondholders on board. A some investors pushed for better terms, Idesa increased the yield on the new notes by 50 basis points to 9.875% after two years, put limits on selling loans to the joint venture it has with Brazil's Braskem and added a mandato

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