Colombia: A loan of up to $250 million will help Bavaria to improve its credit profile
The board of Colombian brewer Bavaria authorized on May 24 a syndicated loan of up to $250 million to help the company prepay debt and improve its credit profile, according to the government statement. The loan, to be provided by local and international banks, will be a five-year credit, Bavaria told Colombian stock market regulators.
“The proceeds will be used to reduce risk associated with foreign exchange volatility and to improve its credit profile. The brewer has around US$443m in debt amortisation due this year,” Dow Jones Newswires cited Carlos German Quintero, the head of investor relations at Bavaria. Bavaria had US$2.086bn in debt outstanding, at the end of March this year, Dow Jones said.
Bavaria, which is seeking a foreign partner and has been the subject of persistent takeover rumors, dominates the beer market in Colombia, Ecuador, Peru and Panama.
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