Desc begins exchange offer for UDI 240 million medium-term promissory notes due 2007

By Caroline Salls

Pittsburgh, Oct. 27 - Desc, SA de CV has begun a public exchange offer for up to Unidades de Inversion 240 million or 647,577 of its medium-term promissory notes due 2007, which will be exchanged for up to 2.4 million certificados bursatiles at an exchange price of 103, according to a company news release.

Desc will issue 3.7061 certificados bursatiles for each promissory note. The value of Unidades de Inversion on Oct. 27 was 3.598174.

Desc is a Mexico City-based industrial group.

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