New Issue: Mexico's ICA details sale of $700 million 8 7/8% 10-year notes yielding 9.2%

By Christine Van Dusen

Atlanta, May 22 - Mexico's Empresas ICA SAB de CV detailed its sale of $700 million 8 7/8% 10-year notes (B2/B/), which priced at 97.904 to yield 9.2%, a market source said.

The notes were initially talked at a yield in the mid-9% area.

Barclays, Credit Suisse, Deutsche Bank and Morgan Stanley were the bookrunners for the Rule 144A and Regulation S deal.

The proceeds will be used to repay some debt and to fund a tender offer.

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
Amount:	$700 million
Maturity:	May 29, 2024
Description:	Senior notes
Bookrunners:	Barclays, Credit Suisse, Deutsche Bank, Morgan Stanley
Coupon:	8 7/8%
Price:	97.904
Yield:	9.2%
Trade date:	May 21
Settlement date:	May 29
Ratings:	Moody's: B2
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S
Price talk:	Mid-9% area

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