Borrower view, Juan Fernández: Grupo TMM’s back from the depths

Grupo TMM, a Mexican transport and logistics company, is launching a $200 million securitization that will replace bonds that are relics of its troubled past. Juan Fernández, TMM’s CFO, tells Lawrence White how the firm stayed afloat and what he plans for the future.

TMM factbox
Chief executive: José Serrano
Chief financial officer: Juan Fernández
Business: transport and logistics
Launched: 1955
Debt strategy in brief: Launching $200 million securitization to replace all current outstanding bonds. Stockpiling cash for organic growth
Deal rating: not yet rated
Deal underwriter: Deutsche Bank





Jim Harper, an analyst at BCP Securities, confesses to mixed feelings when considering TMM’s first securitization. “On the one hand it looks like a good piece of liability management, and I’m pleased to see it happen, but on the other hand it means that they will have no bonds outstanding as of this year and I’m going to miss seeing Juan around.

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