Mexico's Corporacion Durango expected to issue $520 million notes in two tranches

By Paul A. Harris and Aaron Hochman-Zimmerman

New York, July 9 - Corporacion Durango, SAB de CV will begin a roadshow on Wednesday in Europe for an expected $520 million offering of senior unsecured notes (B+/B+) in two tranches, according to a market source.

The roadshow will run through Friday in Europe and then from July 16 to July 19 in the United States.

Pricing is expected during the week of July 16.

Merrill Lynch will be the bookrunner for the Rule 144A and Regulation S deal.

The Durango, Mexico-based bag and box manufacturer is offering five-year amortizing notes and 10-year notes, which will come with five years of call protection, and will feature a bullet payment at maturity.

Proceeds from the sale will be used to refinance existing debt and for general corporate purposes.

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