Comerci Extends Local Bond Swap Offer

The TCM unit of Controladora Comerical Mexicana has extended the deadline for a local bond exchange offer by 20 days to March 2, in order to complete registration. The retailer seeks to extend its maturity profile as it recovers from crisis-related derivative problems. It is offering holders up to MXP1.5bn in new 2016 notes in exchange for 5 series of outstanding bonds with nearer maturities. The new bonds are rated BB on a national scale and should be issued following close of the offer. Comerci has not indicated the acceptance rate to this point. Ixe is managing the transaction.