Mexico's Urbi begins public offer to buy Ps. 1.5 billion certificados bursatiles

By Caroline Salls

Pittsburgh, March 27 - Urbi Desarrollos Urbanos, SA de CV began a public offering Monday to buy up to Ps. 1.5 billion of certificados bursatiles.

According to a news release, the notes to be repurchased include:

• Up to 5 million of its 2.5% certificados bursatiles due June 28, 2008 issued July 25, 2003 at a price of 98.55575;

• Up to 10 million 2.04% certificados bursatiles due Jan. 19, 2010 issued Feb. 22, 2005 at a price of 100.77600.

Urbi originally issued Ps. 500 million of the 2003 certificates and Ps. 1 billion of the 2005 certificates.

The offer began Monday and will expire April 20. An auction will be held April 6.

Merrill Lynch Mexico, SA de CV, Casa de Bolsa is the agent.

Urbi is a Mexicali, Baja California, residential developer.

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