Mexico's Corporacion Durango postpones its $520 million two-tranche deal

By Aaron Hochman-Zimmerman

New York, July 25 - Corporacion Durango, SAB de CV pulled its $520 million two-tranche senior unsecured issue (B+/B+), according to a source close to the deal.

The first tranche was made up of five-year amortizing notes.

The accompanying tranche was intended to be a 10-year offer, non-callable for five years. The second tranche would have been paid as a bullet at maturity.

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

Proceeds from the sale were intended to refinance existing debt and for general corporate purposes.

Corporacion Durango is a Durango, Mexico-based bag and box manufacturer.

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