Comercial Mexicana Gets Loan to Pay Off Restructured Debt
Retailer Controladora Comercial Mexicana SAB said yesterday that it secured a syndicated bank loan for 2.5 billion pesos ($192 million) to pay off the remainder of the debt it restructured in the wake of the 2008 global financial crisis, Dow Jones Newswires reported. Comercial Mexicana said in a filing with the Mexican stock exchange that the syndicated loan was led by Citi unit Banamex and JPMorgan and included the participation of three other banks. The five-year loan carries an interest rate that is 170 basis points over the TIIE interbank rate, with equal principal payments every six months and monthly interest payments. Comercial Mexicana has the right to prepay the loan at any time. Read more.