Herdez Moves for Nutrisa Shares, Evaluates Refi Options

Grupo Herdez will analyze refinancing options this year as it closes in on the 100% share acquisition of Mexican health and nutrition food company Grupo Nutrisa for as much as MXP2.98bn ($246m), Treasurer Marcel Gay Soto, tells LatinFinance. “We want an equilibrium of bank loans and domestic [bond] market financing at efficient costs and rates,” he says. The size of either transaction, to refinance a 2-year bank loan, remains to be determined. Herdez is considering a 10-year fixed-rate domestic bond transaction and a 5-year loan. Herdez launched Wednesday a public tender for the 33% of Grupo Nutrisa shares it did not buy directly in a January deal, it says. The food products company is offering the same MXP91.00 per share price it paid in January for the remaining shares. It targets 32.7m shares total that would give it 100% ownership. GBM is handling the tender. Nutrisa shares closed at MXP85.00 Thursday.