Posadas gets nod for debt restructuring deal

Posadas gets nod for debt restructuring deal

Debt Mexico Capital Markets Tourism Structured Finance Bonds

Mexican hotel operator Grupo Posadas said it has reached an agreement with an ad hoc group of bondholders to restructure $393 million of its 7.875% senior notes due in 2022.  The deal will extend the maturity of the notes by 5.5 years to December 30, 2027, the firm said in a securities filing late on Tuesday. Under the agreement, the company will pay a step-up interest rate starting at 4% and ending at 8%, a source involved in the deal told LatinFinance on Wednesday. Posadas had been seeking a r

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