Grupo TMM Consolidates Three Tranches of Mexican Trust Certificates Program Into One Issuance
July 30 2010 - 10:00AM
Marketwired
Grupo TMM, S.A.B. (NYSE: TMM) (BMV: TMM A)
("TMM" or the "Company"), a Mexican
intermodal transportation and logistics company, announced today
that it consolidated the three tranches of its 20-year, non
recourse Mexican Trust Certificates Program into one issuance, for
$10.5 billion pesos (approximately $817 million dollars). TMM will
use the additional proceeds of this issuance to prepay certain U.S.
dollar denominated debt and for general corporate purposes. The new
issuance rate is TIIE* +245 basis points and was rated AA
(domestic) by HR Ratings de México. The Company's shareholders
approved this new issuance on April 30, 2010, at the Company's
Annual Ordinary Shareholders Meeting.
José F. Serrano, chairman and chief executive officer of Grupo
TMM, said, "With this new financing, the vast majority of TMM's
debt will be peso-denominated, non recourse to the Company and at a
20-year term. Additionally, TMM's short-term debt will be less than
3 percent of the Company's total debt."
*TIIE: Mexico's Interbank Equilibrium Interest Rate
Headquartered in Mexico City, TMM is a Latin American intermodal
transportation Company. Through its branch offices and network of
subsidiary companies, TMM provides a dynamic combination of ocean
and land transportation services. Visit TMM's web site at
www.grupotmm.com. The site offers Spanish/English language
options.
Included in this press release are certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements speak only as
of the date they are made and are based on the beliefs of the
Company's management as well as on assumptions made. Actual results
could differ materially from those included in such forward-looking
statements. Readers are cautioned that all forward-looking
statements involve risks and uncertainty. The following factors
could cause actual results to differ materially from such
forward-looking statements: global, US and Mexican economic and
social conditions; the effect of the North American Free Trade
Agreement on the level of US-Mexico trade; the condition of the
world shipping market; the success of the Company's investment in
new businesses; the ability of the Company to reduce corporate
overhead costs and the ability of management to manage growth and
successfully compete in new businesses These risk factors and
additional information are included in the Company's reports on
Form 6-K and 20-F on file with the United States Securities and
Exchange Commission.
TMM COMPANY CONTACT: Jacinto Marina Deputy CEO
011-525-55-629-8866 ext. 2901 Email Contact Monica Azar Investor
Relations 917-597-5361 or 011-525-55-629-8866 ext. 3421 Email
Contact AT DRESNER CORPORATE SERVICES: Kristine Walczak
(investors, analysts, media) 312-726-3600 Email Contact
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