Genomma Lab Signs Loan

Mexican pharmaceutical company Genomma Lab has signed a MXP2bn loan in a dual tranche club deal, according to a statement released on the Mexican bolsa. The first tranche is an MXP1.3bn 5-year loan, with a 2-year grace period. The use of proceeds is the long term financing of the brands acquired in 2010 and the beginning of 2011, as well as for future possible acquisitions. The second tranche is for MXP700m and is a 3-year revolving loan and will be used for working capital as well as local and international growth. The banks in the club deal were HSBC and Santander. Genomma declines to comment on the price of the loan.