Mexican Steelmaker Prepays Loan

Mexico’s Grupo Simec has prepaid a $120m loan used to help finance its May acquisition of Corporacion Aceros. The one year loan was taken out at the time of the $850m acquisition, CFO Jose Flores tells LatinFinance, at a rate of Libor+145bp. He says the loan from Inbursa has been repaid using the company’s own resources. The steel products manufacturer and distributor says it and parent ICH are free of any bank liabilities, permitting them to invest in increasing capacity and seek opportunities for a new acquisitions. Flores says there are no immediate acquisition plans.