Mexican Food Company Herdez Seeks Funds
June 24, 2009
Mexico-based food processor and marketer Grupo Herdez is looking to tap the U.S. private placement market via JPMorgan Securities, sources confirmed.
The company is seeking $50 million in funds in a seven-year final, five-year average life transaction. The company is viewed as a mid- to strong-‘BBB’ credit, and the deal is expected to price sometime in the middle of next week.
Based in Mexico City, Herdez manufactures and distributes a variety of food products throughout Mexico and the U.S. under its own proprietary brand and a variety of others. In addition, the company has strategic partnerships with McCormick and Co., Hormel Foods Corp., and Barilla S.p.A. The company has six plants and eight distribution centers in Mexico, employing more than 5,000 people throughout the country, according to information on its Web site.
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