GRUPO FAMSA, S.A.B. DE C.V. Monterrey, N.L., Mexico, July 25, 2017 - Grupo Famsa, S.A.B. de C.V. (BMV: GFAMSA) ("the Company" or "Grupo Famsa"), announced today the subscription of a MXP$2,634 million credit facility with Banco Nacional de Comercio Exterior, SNC, Mexican Exim Bank ("BANCOMEXT"), at a variable interest rate of TIIE (Mexican Interbank Interest Rate) + 300 bps., with a 10-year term, and step up semiannual capital amortizations.
Grupo Famsa will use these proceeds to settle an advance payment of US$110 million of its outstanding Notes due 2020 (Senior Notes, US$250 million), issued by the Company in 2013. It is important to note the redemption of the notes will be made in accordance to the conditions stated in their indenture. In addition, approximately MXP$700 million of short- term bank debt due in 2H17 will be amortized.
As a result of this transaction, the Company will decrease its outstanding Dollar- denominated debt balance by 43%, thus substantially reducing its exposure to the FX MXP- USD fluctuation.
Grupo Famsa reaffirms its commitment to the strengthening of its financial structure by improving its leverage and significantly extending its debt maturity profile.
About Grupo FamsaEstablished in 1970 in Monterrey, Nuevo Leon, Grupo Famsa has consolidated its position as a publicly-traded company with a solid presence in the retail sector, focusing its efforts on satisfying families' diverse consumption, financing and savings needs. Its target market lies in the Mexican low-middle income households and the Hispanic population of the states where it operates in the USA. Retail sales of Grupo Famsa in Mexico comprise furniture, electronics, appliances, mobile phones, computers, motorcycles, clothing and other durable goods, which are mainly sold within the stores network of Grupo Famsa. In Texas and Illinois, in the USA, Grupo Famsa's offering comprises furniture, electronics, appliances, computers and other durable goods through the operation of its subsidiary Famsa, Inc.
Contact:Investor Relations Paloma E. Arellano Bujanda paloma.arellano@famsa.com Tel. (81) 8389-3400 ext. 1419
Grupo FAMSA SAB de CV published this content on 25 July 2017 and is solely responsible for the information contained herein.
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