Comex Launches Loan

Mexico’s Comex has launched a 5-year MXP5.36bn ($402m) amortizing term loan and 3-year MXP700m revolver. The transaction has already been funded, and is expected to close by mid-August. Pricing for the Mexican paint maker is tied to a total debt-to-Ebitda leverage grid, and is heard at TIIE+325bp out of the box, with 200bp for below 2.0x, 225bp for 2.0x-2.5x, 325bp for 2.5x-3.0x, and 375bp for 3.0x-3.5x. Lead arrangers, arrangers and co-arranger spots will be available, with amounts between MXP300m and MXP800m, and fees between 45bp and 80bp. Funds are expected to be used for debt refinancing. HSBC, Citi Banamex and BBVA Bancomer are joint bookrunners.