Mexico's Grupo Posadas to issue Ps. 900 million convertible debentures

By Caroline Salls

Pittsburgh, March 16 - Grupo Posadas, SAB de CV's shareholders have approved the issuance of Ps. 900 million of series A subordinated convertible debentures in two tranches through a private placement, according to a news release.

The debentures will be mandatorily convertible into series A shares.

Shareholders will receive one debenture per 62 shares held at a subscription price of Ps. 100.

The subscription period began on March 12 and is scheduled to expire on March 26.

Shareholders who subscribe for the initial debentures can also put in a request for additional debentures for which no subscriptions are received during the subscription period.

In addition, the company received shareholder approval to increase its share capital through the issuance of 183.26 million series A shares.

Grupo Posadas is a hotel chain based in Acapulco, Mexico.

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