May 22, 2020
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
Mexican petrochemical company swaps $275 mln in 2020 notes for new bonds that mature in 2026