Peru’s Ajegroup Targets MXP/USD Loan

Peruvian beverage multinational Ajegroup is seeking to syndicate a $100m 5-year senior secured term loan and a $15m 3-year revolver, say bankers familiar with the terms. The bottler is raising a facility for Mexico, which will be denominated in MXP and dollars, but guaranteed by the Peruvian parent. The entire facility will pay Libor or TIIE plus 350bp. Citi and Rabobank are leading and proceeds will likely support Mexican operations. The deal marks a debut financing for the group, which has thus far used internal resources to fund its overseas expansion. The firm is present in all the countries of South and Central America above Peru and now has its sights set on Asia. Annual sales last year were estimated at $450m. A 2005-2010 strategy focuses on internationalization, consolidation and innovation. The newest venture is beer, following the launch last year in Peru of the Franca brand.