Lamosa Rolls Over $650m

Mexican home improvement products retailer Lamosa has refinanced $650m in debt tied to its 2007 acquisition of Porcelanite. The new debt includes a $450m 6-year dual-currency loan paying TIIE/Libor+150bp-300bp, depending on the company’s leverage levels. Lamosa also paid off $70m of its $225m second lien loan, with the remaining $155m replaced with a new 7-year subordinated loan. Scotia and Inbursa led, with a group of 5 more banks participating. Scotia had led the 2007 syndicated deal, including a $675m dual-currency loan paying Libor/TIIE+200bp, and a $75m 3-year revolver. The second lien loan had been separately negotiated at the same time with the Ontario Teachers’ Pension Plan.