The July 20 issue of the Prospect News Emerging Markets Daily and High Yield Daily gave an incorrect coupon and price for Empresas ICA's sale of dollar-denominated notes. The 8 3/8% five-year notes priced at 99.002 to yield 8 5/8%. A corrected version of the story follows.
By Christine Van Dusen
Atlanta, July 20 - Mexico's Empresas ICA SAB de CV priced a $350 million issue of 8 3/8% notes due July 24, 2017 (B1) at 99.002 to yield 8 5/8%, a market source said.
The notes were talked in the 9% area.
Bank of America Merrill Lynch, Deutsche Bank and Goldman Sachs were the bookrunners for the Rule 144A and Regulation S notes, which are non-callable for 2½ years.
Proceeds will be used to pay short-term debt, according to a company announcement.
ICA is a Mexico City-based construction company.
Issuer: | Empresas ICA SAB de CV
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Amount: | $350 million
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Maturity: | July 24, 2017
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Description: | Senior notes
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Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs
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Coupon: | 8 3/8%
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Price: | 99.002
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Yield: | 8 5/8%
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Call features: | Non-callable for 2½ years
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Trade date: | July 19
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Settlement date: | July 24
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Expected rating: Moody's: B1
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Distribution: | Rule 144A and Regulation S
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Price talk: | 9% area
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