By Christine Van Dusen
Atlanta, Nov. 26 - Mexico's Grupo Posadas SAB de CV sold $210 million 7 7/8% notes due in 2017 (B2/B/B+) at 99.493 to yield 8%, a market source said.
The notes were talked at a yield in the 8¼% area.
Bank of America Merrill Lynch, Deutsche Bank, Citigroup and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.
Proceeds will be used to finance the tender of the company's 2015s and for other existing debt.
Grupo Posadas is a hotel chain based in Acapulco, Mexico.
| Issuer: | Grupo Posadas SAB de CV
|
| Amount: | $210 million
|
| Maturity: | 2017
|
| Description: | Senior notes
|
| Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank, Citigroup, JPMorgan, Santander
|
| Coupon: | 7 7/8%
|
| Price: | 99.493
|
| Yield: | 8%
|
| Change-of-control put: | At 101%
|
| Trade date: | Nov. 26
|
| Expected ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8¼% area
|
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