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Mexico's DESC pays down $256 million in debt
By Reshmi Basu
New York, June 1 - DESC SA de CV said it will repay $256 million of its debt, reducing its net debt by 23% and leaving a balance of $757 million.
The payment is broken down into: $162 million towards long-term bank borrowings, $20 million towards its revolving bank credit line and $74 million towards its dollar-denominated 8¾% bond due October 2007.
The Mexico-city based company said the measures reflect its commitment to reduce its debt, optimize its weighted average cost of debt, improve its financial indicators and position itself to recover its profitability levels.
DESC is one of the largest industrial groups in Mexico.
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