Grupo Bimbo: repays one billion USD in debt

Mexico City / MX. (bw) Grupo Bimbo S.A.B. de C.V. paid down one billion USD in debt using cash and money from a recent bond sale, extending the average life of its liabilities. The group said in a press release it paid 200 million USD in debt that matured this year and prepaid 800 million USD in debt due in 2012 using the proceeds from last month´s 800 million USD ten-year bond sale. Bimbo, one of the largest baking companies in the world with more than four billion USD in annual sales, increased its debt load with the acquisition in early 2009 of Weston Foods in the United States for around 2,4 billion USD. Grupo Bimbo said the recent transactions increased the average maturity of its debt from 3,1 years to over five years and brings its debt amortization schedule in line with expected cash flow.

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