Gigante Offers $260 Million 10-Year Notes

Mexican retail group Gigante has made an offering of $260 million senior notes, maturing in 2016, to yield 8.75%. The offering is being arranged by ABN Amro. The funds raised are to be used to prepay existing debt and extend the company’s debt maturity profile. Gigante is Mexico’s fourth-largest retail chain, based on revenue. The notes were assigned a BB rating last month by Fitch Ratings.