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TV Azteca to repay Ps. 1.4 billion loan with structured certificates proceeds
New York, Sept. 12 - TV Azteca, SA de CV said it plans to prepay its Ps. 1.406 billion bank loan due February 2008 using proceeds from an issuance of Ps. 1.416 billion of structured securities certificates.
The new certificates, issued Monday, have an interest rate of TIIE plus 215 basis points and serial maturities ending in 2011.
Fitch rates the certificates AA(mex).
The existing loan will be repaid in September, the Mexico City-based producer of Spanish-language television programs said.
The facility, with Banco Inbursa, SA, has an escalating interest rate currently at TIIE plus 490 bps.
"The new sources of financing are part of our ongoing efforts to further reduce the company's financial expense and to enhance our maturity profile," said Carlos Hesles, TV Azteca's chief financial officer, in a news release. "We will not cease in our proactive search for future opportunities that improve our cost of financing and TV Azteca's overall financial results."
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