Penoles Starts Loan Prepayment

Mexico’s Industrias Penoles says it has paid off $150m of a $530m 3-year dual currency syndicated loan due 2011. One of the facility’s two tranches is worth $455m and denominated in USD, while a second MXP-denominated piece, is worth $75m equivalent. The company says it will continue to pay interest on the outstanding portions, which carry rates of Libor or TIIE plus 75bp-145bp, according to data from Dealogic and a company statement. Penoles, the parent company of precious metals miner Fresnillo, took out the loan in June 2008 to refinance $380m in bonds issued in 1997 and 2006. JPMorgan led the facility, with BBVA, BNP Paribas, Santander, BofA Merrill Lynch, EDC, HSBC, ING, Intesa Sanpaolo, Mitsubishi, SocGen, Scotia, Standard Chartered, and SMBC as joint MLAs.