Chihuahua Wraps Up Workout

Mexico’s Grupo Cementos Chihuahua (GCC) says it has completed a debt renegotiation. The cement maker has combined 2 syndicated loans and 2 bilateral loans in to a single $454.5m facility. The new 2015 loan pays Libor plus 4.5%. Also, creditors agreed to reduce interest on $283.6m in privately placed notes due 2015. The notes will now pay 5.0%, stepping up 100bp a year, down from 6.8%. Assets at GCC operating subsidiaries will guarantee the debt, until leverage goes below 3x. Leading lenders to GCC have in the past included BBVA, ABN AMRO (now RBS), Wells Fargo, JPMorgan, Barclays, HSBC, Citi and Scotia.