Some companies in Mexico are moving ahead with their fundraising plans, despite jitters over the upcoming presidential election and slow-moving talks over the future of NAFTA.
The Mexican subsidiary of the steel company Ternium has secured a five-year syndicated term loan for $1 billion from 10 banks, according to sources familiar with the transaction.
The bookrunners — BBVA, BNP Paribas, Crédit Agricole, JPMorgan and Natixis — wrapped up the syndication process in less than six weeks as Termium sought to complete the transaction before the election on July 1, sources said. The other lenders on the loan, which priced at 100bp over LIBOR, are ABN Amro, Intesa Sanpaolo, Mediobanca, Mizuho and Unicredit.
Construction materials company Elementia has also finalized a five-year revolving credit facility for $400 million. Seven banks, led by SMBC, Citi and Scotiabank, granted the five-year facility at 175bp over LIBOR, according to people familiar with the transaction.
In the latest polls ahead of the election, the leftist candidate Andrés Manuel López Obrador maintains a double-digit lead over his closest rival, Ricardo Anaya, the head of a right-left coalition.
More details on both transactions are available in LatinFinance‘s Daily Brief.