Grupo Bimbo pays in full Bridge Loan for US$680 million
12/08/2002
Grupo Bimbo informs that on August 7, 2002, the Company paid in full a Bridge Loan in the amount of US$680 million, which was placed on March 4, 2002 to finance the acquisition of the Western U.S. division of George Weston Ltd's assets.
The payment of the Bridge Loan took place five months prior to its maturity. The resources for this payment were obtained through the local bond market during the past three months. These transactions made possible to refinance the Bridge Loan at a long-term rate.
Grupo Bimbo tapped the local bond market through the issuance of four tranches of Certificados Bursatiles with the following terms:
Tranche / Issuance Date / Amount / Tenor / Interest Rate
Bimbo 02 / May 17,2002 / 2,750 MP / 5 years / Cetes 182 + 92 bps
Bimbo 02-2 / May 17,2002 / 750 MP / 10 years / 10.15%
Bimbo 02-3 / August 2,2002 / 1,850 MP / 6 years / Cetes 182 + 97 bps
Bimbo 02-4 / August 2,2002 / 1,150 MP / 7 years / 11%
With these transactions, Grupo Bimbo built a long-term debt maturity profile, while reducing its exposure to exchange rate fluctuations.
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