Mexico's Empresas ICA releases details of planned perpetual notes

By Christine Van Dusen

Atlanta, Jan. 26 - Mexico's Empresas ICA SAB de CV's perpetual notes (expected ratings: Ba3/BB-/) will be dollar-denominated and non-callable for five years in a Rule 144A and Regulation S offering, a market source said Wednesday.

Bank of America Merrill Lynch, Morgan Stanley and Santander are the bookrunners for the deal, which is on a roadshow until Thursday and expected to price soon after.

Proceeds will be used to repay outstanding secured debt and for general corporate purposes, including equity contributions and for new and existing projects.

Empresas ICA is a construction company based in Mexico City.

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