Soriana to Raise $1.4 Billion for Gigante Purchase

Soriana intends to raise about $1.4 billion in a debt offering to refinance a loan it used to purchase rival Gigante last year, the retailer said Tuesday.

MONTERREY, Mexico — Soriana intends to raise about $1.4 billion in a debt offering to refinance a loan it used to purchase rival Gigante last year, the retailer here said Tuesday. Soriana said it would purchase more than 200 stores from Gigante, including seven in the U.S., in December. It said it will present its plan to raise debt in a meeting of its shareholders next month.

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