By Toni Weeks
San Luis Obispo, Calif., May 21 - Mexico's Empresas ICA SAB de CV priced a $700 million issue of 8 7/8% 10-year senior notes (B2/B/) with a yield of 9.2%, according to a press release.
The notes were initially talked at a yield in the mid-9% area.
Subsidiaries Constructoras ICA, SA de CV, Controladora de Operaciones de Infraestructura, SA de CV and Controladora de Empresas de Vivienda, SA de CV are the guarantors.
Barclays, Credit Suisse, Deutsche Bank and Morgan Stanley were the bookrunners for the Rule 144A and Regulation S deal, which is intended to improve the company's debt maturity profile, the release said.
Proceeds will be used to repay some short-term parent company debt and to fund a tender offer for some of the company's outstanding 8 3/8% senior notes due 2017.
ICA is a Mexico City-based construction company.
| Issuer: | Empresas ICA SAB de CV
|
| Guarantors: | Constructoras ICA, SA de CV, Controladora de Operaciones de Infraestructura, SA de CV and Controladora de Empresas de Vivienda, SA de CV
|
| Issue: | Senior notes
|
| Amount: | $700 million
|
| Maturity: | 2024
|
| Bookrunners: | Barclays, Credit Suisse, Deutsche Bank and Morgan Stanley
|
| Coupon: | 8 7/8%, payable semiannually
|
| Yield: | 9.2%
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Mid-9% area
|
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