Mexican manganese and ferroalloys producer Minera Autlan said it signed a loan agreement to repay its debt. The company said it will get $80 million from a syndicate of banks; the loan’s tenure is six years.
Minera Autlan said J.P. Morgan worked as the leading loan structurer, as well as the company’s exclusive coordinator and administrative agent for the transaction. Over 10 financial institutions from different countries will provide the loan.
Minera Autlan said with the loan it will extend its debt to 4.6 years at an “attractive cost and financing conditions.”
“This transaction is part of Autlan’s strategic plan to continue strengthening its long-term capital structure,” the company said in a statement.