CELAYA, Mexico, Aug. 17, 2017 /PRNewswire/ -- Industrias Bachoco S.A.B. de C.V. ("Bachoco" or "the Company") (NYSE: IBA; BMV: Bachoco), Mexico's leading producer and processor of poultry and other food products, announced today that;
It has successfully issued bonds for Ps. 1,500 million through the public issuance of local bonds ("Certificados Bursatiles") in the local debt capital markets for a tenor of 5 years, maturing in 2022.
This is Bachoco's second issuance and it was distributed among a wide range of local investors.
The bonds issued by Bachoco (BACHOCO 17) will have interest rate of 28-day TIIE and will offer investors yields of TIIE + 0.31%. The principal of the bonds will be amortized at face value, in one payment, on the date of maturity.
The resources obtained from the local bond issuance will be utilized in accordance with the Company's financial requirements. Part of the resources will be used for the payment of the principal of the first issuance (BACHOCO 12).
The issuance of these bonds were rated AAA (MEX), representing highest credit quality per Fitch Mexico, S.A. de C.V., and HR AAA which signals that the Company and the offering both have the highest credit quality per HR Ratings de Mexico S.A. de C.V.
Industrias Bachoco is the leader in the Mexican poultry industry, and one of the largest poultry producers globally. The Company was founded in 1952, and became a public Company in 1997, via a public offering of shares on the Mexican and The New York Stock Exchange. Bachoco is a vertically integrated Company headquartered in Celaya, Guanajuato located in Central Mexico. Its main business lines are: chicken, eggs, balanced feed, swine, and other products. Bachoco owns and manages more than a thousand facilities, organized in nine productive complexes and 64 distribution centers in Mexico, and a productive complex in the United States. Currently the Company employs more than 25,000 people. The Company is rated AAA (MEX), the highest rating awarded by Fitch Mexico, S.A. de C.V., and HR AAA which signals that the Company and the offering both have the highest credit quality by HR Ratings de Mexico S.A. de C.V.
The document contains certain information that could be considered forward looking statements concerning anticipated future events and performance of the Company. The statements reflect management's current beliefs based on information currently available and are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Annual Information Form, which could cause our actual results to differ materially from the forward-looking statements contained in this document. Those risks and uncertainties include risks associated with ownership in the poultry industry, competition for investments within the poultry industry, shareholder liability, governmental regulation, and environmental matters. As a result, there can be no assurance that actual results will be consistent with these forward-looking statements. Except as required by applicable law Industrias Bachoco, S.A.B. de C.V. undertakes no obligation to publicly update or revise any forward-looking statement.
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SOURCE Industrias Bachoco, S.A.B. de C.V.