TMM Raises MXP10.5bn in Local ABS

Mexican maritime logistics provider TMM has raised MXP10.5bn through an ABS Thursday. The 2030 bonds, rated AA on a national scale, pay a spread of TIIE plus 245bp and were 20% oversubscribed, says a banker at the lead, Value Casa de Bolsa. The bonds will be used to replace MXP9bn in 3 outstanding service contract receivable securitizations. They will also be used to refinance smaller bank debt and working capital. In the largest and most recent of the 3 prior deals, TMM sold MXP4.39bn in 2028 bonds at TIIE plus 219bp in July 2008. TMM has a fleet of boats servicing offshore oil rigs, in addition to other transportation and port operation business lines.