Casa Saba Refinances Loan

Mexico’s Grupo Casa Saba has refinanced a MXP7.72bn ($628m) bridge loan, rolling it over into a two tranche term loan, it says. The pharmaceuticals distributor took out the loan last year to fund the $498m purchase of a controlling stake in Chilean drug store Farmacias Ahumada. A 7-year portion of the transaction pays TIIE+481bp, and a shorter tranche, for which it does not specify the tenor, pays TIIE+225bp. Banorte and HSBC managed.