By Wendy Van Sickle
Columbus, Ohio, Oct. 24 – Grupo Gicsa, SAB De CV placed Ps. 3 billion of seven-year 6.95% local bonds in the Mexican capital markets, according to a Monday press release.
The bonds were rated “AA” by HR Ratings Mexico and “mxA” by Standard and Poor’s.
Proceeds will be used to repay all Ps. 840 million of debt outstanding under a July 2016 credit agreement and for general corporate purposes and working capital needs.
Mexico City-based Gicsa is a developer and operator of shopping malls, corporate offices and industrial warehouses throughout Mexico.
| Issuer: | Grupo Gicsa, SAB De CV
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| Amount: | Ps. 3 billion
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| Description: | Bonds
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| Tenor: | Seven years
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| Coupon: | 6.95%
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| Announcement date: | Oct. 24
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| Ratings: | HR Ratings Mexico: AA
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| Standard & Poor’s: mxA
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