Gicsa issues local notes

Gicsa issues local notes

Bonds Debt Capital Markets Corporate & Sovereign Strategy Mexico

Mexico's Gicsa has raised MXN2.5bn ($129m) from the sale of floating-rate notes in the local market to cut debt and fund expansion plans. The bookrunners Actinver, BBVA Bancomer and HSBC priced the 11.56% notes at par to yield 305bp over the 28-day TIIE rate, Gicsa said in a securities filing.  The Mexico City-based real estate developer issued the new notes to pay off MXN2.5bn in 4.3-year notes it sold in December 2015, said a ratings analyst.  The new three-year notes allow Gicsa to expand

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