By Christine Van Dusen
Atlanta, Feb. 1 - Mexico's Empresas ICA SAB de CV priced $400 million 8.9% notes due Feb. 4, 2021 (Ba3/BB-/) at 98.545 to yield 9 1/8%, a market source said.
Bank of America Merrill Lynch, Morgan Stanley and Santander were the bookrunners for the Rule 144A and Regulation S notes, which are non-callable for five years.
The deal priced in line with talk, which was set at the 9 1/8% area.
Proceeds will be used to repay outstanding secured debt and for general corporate purposes, including equity contributions and for new and existing projects.
Empresas ICA is a construction company based in Mexico City.
Issuer: | Empresas ICA SAB de CV
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Amount: | $400 million
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Maturity: | Feb. 4, 2021
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Description: | Notes
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Bookrunners: | Bank of America Merrill Lynch, Morgan Stanley, Santander
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Coupon: | 8.9%
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Price: | 98.545
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Yield: | 9 1/8%
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Call features: | Non-callable for five years
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Trade date: | Feb. 1
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Settlement date: | Feb. 4
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Ratings: | Moody's: Ba3
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| Standard & Poor's: BB-
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Distribution: | Rule 144A and Regulation S
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Price talk: | 9 1/8% area
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