By Christine Van Dusen
Atlanta, Jan. 27 - Mexico's Urbi Desarrollos Urbanos SAB de CV priced a $500 million issue of 9¾% notes due Feb. 3, 2022 (Ba3//BB-) at 98.442 to yield 10%, a market source said.
The notes were talked at the 10¼% area after being previously whispered in the low- to mid-10% area.
Credit Suisse, Citigroup, BBVA and Santander were the bookrunners for the Rule 144A and Regulation S notes, which are non-callable for five years.
The notes also include a change-of-control put at 101%.
Proceeds will be used for debt refinancing.
Urbi is a homebuilder based in Mexicali, Mexico.
| Issuer: | Urbi Desarrollos Urbanos SAB de CV
|
| Amount: | $500 million
|
| Maturity: | Feb. 3, 2022
|
| Description: | Senior notes
|
| Bookrunners: | Credit Suisse, Citigroup, BBVA, Santander
|
| Coupon: | 9¾%
|
| Price: | 98.442
|
| Yield: | 10%
|
| Call features: | Non-callable for five years
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 27
|
| Settlement date: | Feb. 3
|
| Ratings: | Moody's: Ba3
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 10¼% area
|
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