June 3, 2020
Mexican REIT withdraws $133 mln from local lender CIBanco to cover an upcoming bond payment
Mexico's Fibra Shop, a real estate investment trust (REIT) that focuses on shopping centers, said Monday that it drew down MXN2.9 billion ($133 million) from a credit lone from local lender CIBanco.
The REIT will use the money to cover a bond payment for MXN2.76 billion that comes due on June 22, according to a securities filing. After that, Fibra Shop does not have to make another debt payment until 2022, it said in the filing.
Fibra Shop was the second REIT in Mexico to sell local bonds in June 2015, when it issued MXN3 billion in 2020 notes at 90 basis points over the TIIE interbank lending rate in a deal arranged by Actinver, Inbursa and BBVA. It printed another MXN3 billion in five-year notes in July 2017, when it priced MXN1.4 billion at 125 basis points over TIIE and MXN1.6 billion at a fixed rate of 9.13%, led by Actinver, HSBC and Santander.