Corn flour and tortillas maker, Gruma, has secured an unsecured credit facility worth $225 million. The syndicated loan is divided into two parts, a revolving credit facility worth $75 million and another $150 million term loan. The loan will mature in five years and carries an interest rate of between 150 and 225 basis points above Libor. The Mexican company will use the proceeds to refinance short-term debt, to finance working capital and for general corporate purposes. BBVA Bancomer took part in the loan, along with Goldman Sachs, Bank of America, Bank of Nova Scotia and others.
Click here for the release from Gruma.