Lamosa Launches $675m Loan in USD, Pesos

Mexico’s Lamosa, which makes interior homebuilding products, has launched a $675m loan with a 4.7 year average life, according to bankers off the deal. It is denominated in pesos and dollars and to finance an acquisition. The A tranche, with a 3-year maturity revolver, includes $40m in dollars and $35m equivalent in pesos. The B tranche, with a 6-year maturity, includes a $350m dollar piece and a $250m equivalent peso portion. The margin is on a total debt to EBITDA grid that pays the following over Libor: 200bp at 3.0x-3.5x, 155bp at 2.5x-3.0x, 110bp at 2.0x-2.5x, 90bp at 1.5-2.0x and 75bp at anything under 1.5x. Scotiabank is leading with BBVA as a joint bookrunner.