Mexican Oil Servicer Plans ABS Takeout

Mexican maritime logistics provider TMM is planning to replace 3 outstanding service contract receivable securitizations with a single MXP10.2bn ABS, according to a banker on the deal. TMM is aiming for late July to sell the 2030 bonds rated AA on a national scale and paying a spread over TIIE. Proceeds will repay MXP9bn in 3 outstanding series with an average maturity of 18 years, and also be used to refinance smaller bank debt and for working capital. The deal will make TMM’s debt profile all long-term and all in MXP, according to a banker on it. Unlike previous securitizations, the new one will be entirely non-recourse to TMM. Value Casa de Bolsa is managing the transaction, with Crecimiento Programado as structuring agent. In the largest and most recent of the 3 prior deals, TMM sold MXP4.39bn in 2028 bonds at TIIE plus 219bp in July 2008.TMM has a fleet of boats servicing offshore oil rigs, in addition to other transportation and port operation business lines.