Bachoco Price Talk Heard

Mexican poultry producer Industrias Bachoco is understood to be seeking to pay TIIE+70bp-area today on a new MXP1.5bn ($114m), 5-year floating-rate domestic bond. Proceeds will be used to refinance existing debt. Banamex is leading the transaction, rated AA+/AA. Industrias Bachoco operates poultry production and distribution facilities throughout Mexico. Aside from breeding, processing and marketing poultry, it also produces and distributes eggs, swine, and animal feed. Last year, it acquired privately-held Arkansas-based poultry producer OK Industries for $95m.