Mexico's Industrias Unidas clarifies use of future asset sale proceeds

By Angela McDaniels

Tacoma, Wash., Feb. 6 - Industrias Unidas, SA de CV clarified that 100% of the net proceeds of any future material sale of its U.S. assets will be used to redeem or repurchase its series A notes or to acquire additional U.S. assets, according to a company news release.

The clarification followed discussions with some of the noteholders.

In addition, the company said the next interest payment on its series A and series B notes is expected to be made in cash on Feb. 15.

The company confirmed that its controlling equity owner, Carlos Peralta, has made the $13.89 million of required cash equity contributions to date and plans to make the $5.56 million contribution that is required on March 7.

Industrias Unidas manufactures copper products and is based in Mexico City.

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