By Susanna Moon
Chicago, Nov. 3 – Empresas ICA, SAB de CV said subsidiaries ICA San Luis SA de CV and Libramiento ICA La Piedad SA de CV placed Ps. 1.75 billion of 8.519% 30-year subordinated notes.
The subordinated notes, or certificados bursatiles, were issued in the Mexican capital markets, as part of ICA’s capital recycling activities, according to a company press release.
Proceeds will be used to pay corporate short-term debt, to aid in the development of new projects that require investment and to provide working capital for projects under construction.
Empresas ICA is a construction company based in Mexico City.
| Issuer: | Empresas ICA, SAB de CV
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| Issue: | Subordinated notes
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| Amount: | Ps. 1.75 billion
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| Maturity: | 30 years
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| Coupon: | 8.519%
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| Announcement date: | Nov. 3
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| Ratings: | Standard & Poor’s: mxAA-
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| HR Ratings: HR AA-
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