Mexican Pharmaceutical Company Casa Saba Refinances MXN7.72 Billion Loan

Mexican pharmaceuticals distributor Grupo Casa Saba SAB (SAB, SAB.MX) said Thursday it has refinanced a 7.72-billion-peso ($628 million) bridge loan, extending it out to seven years.

The company took out the loan last August from HSBC's Mexican unit and local banking group Grupo Financiero Banorte SAB (GBOOY, GFNORTE.MX) so that it could complete its $498 million purchase of a majority stake in Chilean drug-store operator Farmacias Ahumada SA (FASA.SN).

The company said the loan is now divided into two parts, one with a shorter-term duration at the 28-day TIIE interbank rate plus 2.25% and the other with a longer-term duration at TIIE plus 2.76%. The TIIE was 4.81% Thursday.

Casa Saba said the refinanced bridge loan improves its debt profile.

The company had net sales in 2010 of MXN34.2 billion.

By Amy Guthrie, Dow Jones Newswires; (5255) 5980-5177, amy.guthrie@dowjones.com

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