Grupo Elektra unit mandates banks for secured dollar bond offering

By Rebecca Melvin

New York, Jan. 5 – Nueva Elektra del Milenio SA de CV, a unit of Mexico's Grupo Elektra SAB de CV, has mandated BCP Securities, Credit Suisse and Jefferies as joint global coordinators and bookrunners for a new senior secured bond denominated in U.S. dollars, a market source said on Tuesday.

The bond will be collateralized by remittance flows originated in the United States processed through selected money transfer operators and aggregators, with default payments and additional amounts guaranteed by Elektra.

A series of fixed-income investor calls are scheduled to be held starting on Wednesday, with a Rule 144A and Regulation S pricing to follow subject to market conditions.

Nueva Elektra del Milenio is a money remittance services company and subsidiary of Grupo Elektra, a Mexico City-based finance and retail corporation.

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