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RM | Capital structures $25 million Private Placement for 7-Eleven Mexico
On May 19, 2021, RM | Capital priced a US$25 million debt private financing for 7-Eleven Mexico, a 51/49% JV between Iconn & 7-Eleven Inc. and operator of the 2nd largest chain of convenience stores in Mexico.
The COVID-19 pandemic significantly impacted the retail industry given restrictions put in place that affected mobility as well as the reduction in economic activity. As a result, the Company decided to pursue a refinancing of its bank debt with the aim to extend its maturity profile and free up cash flow otherwise used to amortize debt.
With this transaction, the Company refinanced ~50% of its outstanding bank debt and achieved its stated goals of debt extension while improving the cost of its debt, allowing it to utilize future operating cash flow to accelerate its store openings.
RM | Capital acted as exclusive advisor to the Company, structuring and negotiating both the Notes with institutional investors as well as advising on the structuring and execution of an appropriate FX hedging structure.