Petrotemex Launches Loan Amendment

Petrochemical company Petrotemex held bank meetings in Mexico Thursday to extend the maturity out another 2 years on a $600m 3-year loan that closed in late 2010. HSBC and Credit Suisse are leading the amendment on a loan that was used to fund the company’s acquisition of Eastman Chemical’s PET business in the US. Pricing was tied to a leverage grid and will be left untouched. The loan paid Libor+300bp out of the box At the time, Inbursa, Santander, ING, Credit Agricole and Bancomext came in at the MLA level, while Scotia, Banco de Chile, Banorte and Bank of America participated as arrangers. Bank of Tokyo Mitsubishi, Bladex, Mizuho and Wells Fargo had committed as managers.