Farac Sponsors Land Novel Hybrids

Farac Sponsors Land Novel Hybrids

Mexico Structured Finance

ICA and Goldman Sachs, which own the concession for the Farac I toll road assets, have raised MXP6.55bn through the issuance of a novel hybrid structure in Mexico. Proceeds are being used to take out a jumbo peso project loan raised in 2007 to acquire the assets. The two have become the first issuer in the newly created certificados de capital de desarollo (CCD) structure. CCDs are certificados burstatiles sold by a trust that holds shares in the Red de Carreteras de Occidente (Farac I) concessi

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