GCC Closes $250 Million Syndicated Credit

Mexican cement-producer Grupo Cementos de Chihuahua (GCC) has closed a $250 million syndicated credit with a group of eight banks that includes BBVA, HSBC Mexico, Citibank and Bank of Nova Scotia. The credit expires in seven years with interest at LIBOR plus a spread reflecting the company’s competitive situation. A first drawdown of $90 million has already been made, according to GCC’s press release. BBVA Securities arranged the transaction. GCC is to use the money to refinance bridging loans taken out for its May acquisition of Midco in the US, to finance part of the investment in a new cement plant in Colorado and to refinance domestic bonds due in December this year.