Mexican Pharmaceutical Company Casa Saba Refinances MXN7.72 Billion Loan
12 Agosto 2011 - 1:07AM
Dow Jones News
Mexican pharmaceuticals distributor Grupo Casa Saba SAB (SAB,
SAB.MX) said Thursday it has refinanced a 7.72-billion-peso ($628
million) bridge loan, extending it out to seven years.
The company took out the loan last August from HSBC's Mexican
unit and local banking group Grupo Financiero Banorte SAB (GBOOY,
GFNORTE.MX) so that it could complete its $498 million purchase of
a majority stake in Chilean drug-store operator Farmacias Ahumada
SA (FASA.SN).
The company said the loan is now divided into two parts, one
with a shorter-term duration at the 28-day TIIE interbank rate plus
2.25% and the other with a longer-term duration at TIIE plus 2.76%.
The TIIE was 4.81% Thursday.
Casa Saba said the refinanced bridge loan improves its debt
profile.
The company had net sales in 2010 of MXN34.2 billion.
By Amy Guthrie, Dow Jones Newswires; (5255) 5980-5177,
amy.guthrie@dowjones.com
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