By Reshmi Basu
New York, Dec. 2 - Corporacion Geo SA de CV said it issued Ps. 500 million five-year medium-term notes (/mxA/A(mex)) at a rate of 175 basis points more than Interbank interest rate (TIIE).
Proceeds will be used to restructure the company's debt profile.
"With this issuance, we expect to further strengthen our financial structure by utilizing the total amount to replace short term debt, therefore offering better returns to our investors and reaching our optimum debt level," said Victor Segura, chief financial officer, in a news release.
This is the second issuance under the company's MTN program, and this transaction also completes the Ps. 1 billion program.
On Nov.3, the Mexico City-based housing developer sold Ps. 500 million of four-year notes at TIIE plus 170 basis points.
Banorte and Multivalores managed both sales.
| Issuer: | Corporacion Geo SA de CV
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| Amount: | Ps. 500 million
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| Issue: | Medium-term notes
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| Maturity: | 2010
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| Interest rate: | 175 basis points more than TIIE
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| Managers: | Banorte, Multivalores
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| Ratings: | Standard & Poor's: mxA
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| Fitch: A(mex)
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