Hylsa prepays US$70mn in debt
Bnamericas Published: Monday, September 20, 2004
The Hylsa unit of Mexican steelmaker Hylsamex (BMV: HLYSAMXB) has prepaid US$70mn in debt with funds raised from operations, Hylsamex told Mexico City's bourse (BMV) Monday. The payment on 2007 and 2008 amortizations leaves Hylsamex with US$691mn in consolidated debt, a US$408mn and 37% reduction since end-2003. "Hylsamex remains committed to improving its financial profile," it said. The company's agreement with creditors stipulates it must use excess cash flow to prepay debt, credit ratings agency Standard & Poor's (S&P) analyst Juan Pablo Becerra previously told BNamericas. Mexican conglomerate Alfa is in the process of spinning off its ownership of Hylsamex, which sold 2.89Mt of steel last year.
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