Mabe to take out loan for bond buyback

Mabe to take out loan for bond buyback

Corporate & Sovereign Strategy Debt Loans Capital Markets Bonds Fixed Income Mexico

Mexican home appliance manufacturer Mabe said Friday that it plans to borrow up to $240 million from two banks, Citi and BNP Paribas, to repurchase bonds that mature in 2028, a source involved in the deal told LatinFinance. Mabe agreed to repurchase $336 million worth of 5.6% 2028 bonds, or roughly 90.8% of the outstanding amount, putting up $1,042.50 for every $1,000 in principal, including a $50 premium, it said in a press release. Citi and BNP Paribas are also the dealer managers on the buyba

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