Bondholders agree to Idesa maturity extension

Ployethylene, Idesa, Braskem Idesa, chemicals, car, 575, LatAm
By Oliver West
21 May 2020

After nearly two months of persuasion, Mexican petrochemicals company Grupo Idesa received the approval of its bondholders to push out some $300m of international bonds by six years and give major relief to its liquidity situation.

On March 23, Idesa had launched a debt exchange that offers bondholders a collateral package and higher coupon in return for swapping into new bonds maturing in 2026. For every $1,000 of the company’s 7.875% senior unsecured 2020 notes, the issuer was offering $1,010 of new senior ...

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