Desc exchanges UDI 240 million promissory notes for 2.4 million certificados bursatiles

By Caroline Salls

Pittsburgh, Nov. 10 - Desc, SA de CV completed the exchange of Unidades de Inversion 240 million of its medium-term promissory notes due 2007 for 2.4 million of certificados bursatiles due Nov. 9, 2010 at an exchange price of 104, according to a company news release.

The value of UDI at completion of the offer was 3.601551.

The interest rate for the first eight days is 11.15%, with a 7.56% interest rate after that.

As a result of the exchange offer, Desc extended the average duration of its debt and hopes to diminish the amount of interest payments.

Desc is a Mexico City-based industrial group.

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