Latin America's largest transport and logistics company, Grupo TMM, plans to redeem a 2007 secured bond with a $200 million asset-backed loan from Deutsche Bank, according to a company press release. "The assets backing the loans will be accounts receivables from clients," said a company source.

The secured bond were issued in 2004 for $508 million via Miller Buckfire, but has shrunk significantly through amortization, according to the source. The notes were used to retire two other bonds as part of a financial restructuring designed to heal the company's ailing financial condition. Those notes were a 10.25% 2006 totaling $197 million and a 9.5% 2003 for $171 million. The company defaulted on its debt in May 2003.

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