Bimbo to Meet US, European Investors

Bimbo plans to set out Monday to meet the buyside in the US and London on a weeklong “non-deal” roadshow, investors say. The Mexican bread maker is not in urgent need of funds, though is working to get reduce debt to Ebitda to 2.0x this year, from 2.5x earlier in February, after the late 2008 acquisition of Weston Foods assets in the US pushed it above 4.0x. CFO Guillermo Quiroz told LatinFinance in March that liability management was a possibility in the international markets this year. Bank of America Merrill Lynch, Barclays and HSBC are managing the show. Moody’s this week changed the outlook on Bimbo’s Baa2 ratings to positive from stable, and upped its national-scale rating to Aa1 from Aa2.