Category: Equity

Credit Suisse was expected to close books by today on a certificado de capital de desarrollo (CCD) transaction of up to MXP6bn ($459m) in Mexico’s local market, according to regulatory documents. The 2020 transaction would create a fund investing in various types of credit transactions in Mexico. The bank envisions a return structure with a 9% preferred return for investors, followed by an 85%-15% split between investors and the manager. Credit Suisse’s own capital markets operation is managing the sale.

Mexican food and beverage franchise operator Alsea is preparing to raise fresh equity capital in a follow-on offering, according to regulatory documents. The size and timing for the all-primary share sale have not been set. The issuer plans a local and international tranche, and plans to use proceeds to repay debt to improve its capital structure as it continues to expand. Banamex and Santander are managing. Alsea is known as the operator for brands such as Starbucks, Dominos Pizza and Burger King in Mexico and in other markets. Company officials recently announced a $110m plan to expand the Starbucks brand in Mexico and Argentina. Alsea shares closed at MXP20.23 Monday. It held an IPO in 1999.

Mexico’s Grupo GDI is preparing a Fibra transaction that will create a fund holding hotel assets, according to regulatory documents. There were no size or timing details immediately available for the RIET-like transaction. The fund would include 30 operating Mexican hotels and four in development, including the Fiesta Inn, One and Camino Real brands. Proceeds would be used for acquiring and developing additional properties. BBVA and JPMorgan are global coordinators, with Evercore and Banorte-Ixe joining on the local portion. GDI specializes in hotels, malls and residential property development.

Hoteles Prisma is planning to raise funds in Mexico’s Fibra market, according to regulatory documents. The Mexican hotel operator is planning a fund into which it will put eight hotels operating under the Holiday Inn and Hampton Inn brands. It does not indicate the size, though market expectations are for a deal under $500m-equivalent. Proceeds from the REIT-like transaction will be used to purchase additional assets. Actinver is managing the sale. Fibra Uno is still the only transaction in the Fibra asset class so far – IPOing last year before holding a $700m follow-on in March – through several others are said to be in the pipeline and keen to file amid increasing enthusiasm for Mexican equity issuance.