Posadas Raises $225m for LM

Posadas Raises $225m for LM

Mexico Bonds

Grupo Posadas has priced a $225m 5NC3 bond, upsizing from $210m and raising funds for a cash tender targeting its $200m outstanding 9.250% 2015 bonds. The B2/B/B+ Mexican hotel operator priced the senior unsecured 2017 at 99.493 with a 7.875% coupon to yield 8.000%. This came at the tight end of 8.000%-8.125% revised guidance, in from 8.250%-area price talk. The bonds were trading up 0.375-1.000 points in the grey, according to investors. Though a difficult bond to comp, some investors looked at

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