Spanish real estate developer Fadesa Inmobiliaria is to invest $5.4bn in building a resort in Loreto, in the Mexican state of Baja California Sur. Loreto Paraíso, as the complex is to be called, will be the fourth project by Fadesa in Mexico.
Category: Regions
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Mitsui Wins $298m Mexico Water Contracts
Mitsui has won a lead role on 20-year contracts worth $298m for water supply and treatment projects in Mexico’s Queretaro state. The MXP2.9bn supply project will take 26 months to construct and operate for 214 months. Mitsui subsidiary Servicios de Agua Trident, has 26%, ICA group 37%, FCC group 26% and Proactiva an 11% stake. Meanwhile, a MXP371m wastewater treatment project with similar operating and construction schedules is 50% held by Agua Trident and 50% by Earth Tech Mexico.
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Peru Looks To Bond Markets To Cover Paris Club Prepayment
Peru will seek to raise as much as possible in the international and domestic bond markets this year to cover its prepayment of up to $2.6bn of Paris Club debt at the start of October, according to finance minister Luiz Carranza. The sovereign is expecting to issue 30-year paper, denominated in pesos and foreign currency to raise the money. Peru last prepaid debt to the Paris Club lenders in 2005 when it arranged to clear $1.5bn.
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Aeroméxico Sale Delayed
The government will wait until September to sell off its 60% stake in Mexican airline group Aeroméxico, according to reports by local media quoting airline president Andrés Conesa. Earlier this year, Aeroméxico proposed a primary offering of shares, both local and international, to raise capital. The share sale was expected for June. Meanwhile, low-cost airline Avolar has said it is interested in buying control of the carrier.
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Unifin To Sell Mexican ABS
Unifin will today issue MXP200m in 5-year floating rate asset-backed securities. The notes, backed by auto-loans, come from a MXP1bn program, and have AAA local rating from S&P. IXE is the underwriter and JPMorgan is the trust administrator.
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Elektra Opens Banco Azteca In Guatemala
Mexican retailer Elektra, owned by Grupo Salinas, has opened its second banking subsidiary outside Mexico. Banco Azteca Guatemala is a wholly owned subsidiary of the Group and the second banking unit to be launched after Panama. Azteca Guatemala, headquartered in Guatemala City, has a nationwide network, the bank said in a statement. Elektra has been present in the local market since 1997. Grupo Salinas set up Banco Azteca in 2002 to complement its network of Elektra electro domestic outlets. Earlier this year the bank got the nod from Honduran bank regulator (CNBS), which has approved its banking license to operate in Honduras.
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Telmex, Televisa Eye Satmex
Mexican telco Telmex is the second big name to show an interest in the upcoming sale of local satellite operator Satélites Mexicanos (Satmex). The company successfully restructured last year to position itself as a target in the consolidating satellite communications sector. It appointed Morgan Stanley to advise on the sale to a strategic buyer. The restructuring, which has been praised for its fair treatment of foreign creditors, left 78% of the company’s equity in the hands of the debt holders. The remaining 22% is held by the Mexican government (20%) and jointly by local telco Principa and US operator Loral (2%). Earlier this year, local broadcaster Televisa said it was evaluating an acquisition of Satmex.
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AES Gener Gets Investment Grade
Moody’s and Standard & Poor’s have both awarded AES Gener, the Chilean subsidiary of AES of the US, investment-grade status. Moody’s also upgraded the notes of its wholly-owned subsidiary, Colombian AES Chivor & CIA to Baa3 senior unsecured and Ba2 senior secured, respectively. Chivor’s corporate family rating was also upgraded to Ba2. The rating outlook for Gener and Chivor is stable. Moody’s raised its rating to Baa3 from Ba1, while S&P awarded it BBB minus. The upgrade will allow AES Gener to access more flexible financing and help with its expansion plans, said the company.
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Paris Club Accepts Peru Prepayment Offer
Representatives of the Paris Club creditor countries have accepted Peru’s offer to prepay its debt rescheduled in 1993 and 1996 and not granted under Official Development Assistance conditions, according to an official statement by the Paris Club. The decision follows a meeting in Paris earlier this week to study the proposals. According to Paris Club rules, each creditor country may decide to participatRepresentatives of the Paris Club creditor countries have accepted Peru’s offer to prepay its debt rescheduled in 1993 and 1996 and not granted under Official Development Assistance conditions, according to an official statement by the Paris Club. The decision follows a meeting in Paris earlier this week to study the proposals. According to Paris Club rules, each creditor country may decide to participate or not in this operation. For the participating creditors, the prepayment of around $2.54bn will be made on 1 October 2007, after conclusion of bilateral implementation agreements. e or not in this operation. For the participating creditors, the prepayment of around $2.54bn will be made on 1 October 2007, after conclusion of bilateral implementation agreements.
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Peru Increases Debt Shelf With SEC
Meanwhile, the government of Peru has amended its shelf registration with the SEC of the US, increasing the amount from $4bn to $5bn. Peru originally filed the shelf last December. The shelf registration allows the sovereign to sell debt securities and in one or more offerings and denominated in different currencies.