It’s one thing when an ambitious company like Coca-Cola Femsa, a Coke bottling operation in Mexico, buys a larger rival like Panamerican Beverages (Panamco), in the largest and most spectacular Latin M&A transaction of 2002. It’s quite another thing paying for it. When Femsa announced the acquisition, it had a $1.55 billion bridge loan from JPMorgan and Morgan Stanley that it needed to replace quickly, as well as a $500 million term loan that it also wanted to refinance.
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