By Reshmi Basu
New York, Sept. 21 - Desarrolladora Homex, SA de CV sold an upsized $250 million issue of 10-year notes (Ba3/BB-) at 99.653 with a 7½% coupon to yield 7.55%, according to a market source.
The issue, which was increased from $200 million, came in tighter than the price talk of 7 5/8% to 7¾%.
The senior guaranteed notes will be callable on Sept. 28, 2010 at 1033/4.
Proceeds from the sale will be used to repay short-term debt and for general corporate purposes.
Credit Suisse First Boston was the bookrunner for the Rule 144A with registration rights issue. HSBC was the co-lead manager.
Homex, based in Culiacan in the northwestern state of Sinaloa, is a vertically integrated Mexican homebuilder and developer.
| Issuer: | Desarrolladora Homex, SA de CV
|
| Amount: | $250 million
|
| Issue: | Senior guaranteed notes
|
| Maturity: | Sept. 28, 2015
|
| Coupon: | 7½%
|
| Issue price: | 99.653
|
| Yield: | 7.55%
|
| Spread: | 336 basis points more than Treasuries
|
| Call option: | Callable at 103¾ on Sept. 28, 2010
|
| Pricing date: | Sept. 21
|
| Settlement date: | Sept. 28
|
| Bookrunner: | Credit Suisse First Boston
|
| Co-lead manager: | HSBC
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Price talk: | 7 5/8% to 7¾%
|
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