MEXICO: Femsa bond to finance Interbrew repurchase
Femsa has announced plans to finance the repurchase of the 30% stake in its beer unit owned by Interbrew. The Mexican company said yesterday that it intends to sell MXN2.5 bln (US$219 m) of local bonds to pay for the repurchase.
In a statement, the company said that the local debt would be sold today to investors who offer the lowest rates in an auction. The debt will be offered in two tranches of MXN1.25 bln each, one lot for four years and the other for five years.
In May, Interbrew and FEMSA said that they had come to an agreement to unwind their US and Mexican cross-shareholdings and reassign the distribution rights held by the parties' US joint venture to the US subsidiary of the Mexican brewer. The deal will see Labatt Brewing Company Limited, a wholly owned subsidiary of Interbrew, selling to FEMSA its 30% interest in Femsa Cerveza SA de CV (CCM), a subsidiary of FEMSA, for US$1.245 billion in cash.
Femsa said it would finance the operation through cash flows and new debt. The Mexican company filed a MXN5 bln (USS$437 m) debt program with the Mexican stock exchange in May.
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