Petrotemex Wraps up $150m Relationship Loan

Mexico’s Petrotemex has closed a $150m dual currency loan. The transaction includes practically all of holding company Grupo Alfa’s relationship banks. Led by Santander and Standard Chartered, it includes MLA participation from Calyon, JPMorgan, Banamex, BBVA and HSBC. Barclays and BofA also had participant-level tickets. The facility pays on a net consolidated debt to Ebitda grid, which, at above 3x leverage, pays 60bp over TIIE and 70bp over Libor. In the 2.5x-3.0x band, where it was out of the box, it pays 45bp and 55bp respectively. At 2.0x-2.5x, it pays 30bp and 45bp. And at less than 2.0x, it pays 20bp over TIIE and 40bp over Libor.