GCC Places $250 Million Notes In US

Mexican cement-producer Grupo Cementos de Chihuahua (GCC) has successfully placed $250 million of senior guaranteed notes in the United States. This is the first time the company has sold notes into the US private placement market and the issue was six times oversubscribed, prompting GCC to double the amount of notes sold from its original $125 million. The notes were issued in two series: Series A – totaling $167 million – carries a fixed rate of 6.74% and matures in 2016, with amortizations in the eighth, nine and tenth years of maturity; Series B – totaling $83 million – carries a fixed rate of 6.84% and matures in 2018, with a bullet payment at maturity. Barclays Capital acted as sole lead agent.