Bimbo prepays $600 million bridge loan
June 18, 2009
by Eric Schroeder
MEXICO CITY — Grupo Bimbo S.A.B. de C.V. has prepaid in full its $600 million bridge loan scheduled to be due in January 2010. The loan, which was funded by a portion of the proceeds from Bimbo’s public offering in the local debt market earlier this month, was used to fund the acquisition of the U.S. fresh bakery business of Weston Foods, Inc. in January 2009.
"The prepayment of the bridge loan seven months prior to its maturity reflects our commitment to maintaining a healthy credit profile and a strict financial discipline," said Guillermo Quiroz, chief financial officer. "This is further supported by the market’s confidence in our cash generation, as demonstrated by the demand for our recent bond issue."