Mexican cement-producer Grupo Cementos de Chihuahua (GCC) has successfully placed $250 million of senior guaranteed notes in the United States. This is the first time the company has sold notes into the US private placement market and the issue was six times oversubscribed, prompting GCC to double the amount of notes sold from its original $125 million. The notes were issued in two series: Series A – totaling $167 million – carries a fixed rate of 6.74% and matures in 2016, with amortizations in the eighth, nine and tenth years of maturity; Series B – totaling $83 million – carries a fixed rate of 6.84% and matures in 2018, with a bullet payment at maturity. Barclays Capital acted as sole lead agent.
Category: Regions
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Arista Appointed Peru Deputy Finance Minister
José Arista has been appointed deputy finance minister of Peru, replacing the empty seat left by Waldo Mendoza who resigned on July 26 after just under a year in the job. Arista previously served as head of Lima’s tax service administration (SAT) and as the budget director at the finance ministry.
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Chiriboga Takes Over At Petroecuador
Ecuador’s former government and labor minister, Galo Chiriboga, has taken over at state-controlled oil company Petroecuador, whose previous president – Fernando González – resigned in June. The company’s vice-president, Walter Lopez, has been acting president since then. One of Chiriboga’s first tasks will be to oversee the new attempt to auction 17.5 million barrels of heavy crude from the fields taken back by the government from US oil firm Occidental Petroleum in May. An attempt to auction the oil last month collapsed after several foreign state-run oil companies failed to bid.
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Alfa Agrees $51 Million For Alestra Stake
Mexican industrial conglomerate Alfa has agreed to pay Spain’s BBVA-Bancomer $51 million for its stake in telephone operator Alestra, a subsidiary of US company AT&T in Mexico. BBVA-Bancomer is to sell its share in Alestra which it holds via the company Onexa. Alfa will increase its stake in Onexa from 25.6% up to 51% to become, in turn, Alestra’s biggest shareholder.
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AFPs Consider Ecopetrol
The Colombian pension funds that last month bought control of the country’s largest gas distribution company, state-owned Empresa Colombiana de Gas (Ecogas), have said they may step in the buy the 20% stake of state-run Ecopetrol the government is looking to sell. The six pension funds (AFPs) paid $300 million for Ecogas, marking the first foray by the funds into the gas sector. Under Colombian privatization law, state companies to be sold must first be offered to the “solidarity” sector comprising pension funds, cooperatives and unions.
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One Shot
There is a massive economic shift occurring. Asia’s two most heavily populated countries – China and India – are trying to better themselves, and to do so they need a […]
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Eternal Youth
With its mix of young demographics and rapidly developing capital markets, Mexico offers a cocktail of interesting investment opportunities.
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Customer Service
Proximity to the US and a bevy of English speakers are helping the Caribbean lure a growing slice of the global call-center business.
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Changing Landscape
Financial options in Mexico are expanding, putting pressure on large banks to improve customer service and reach out to a wider swath of consumers.
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Upmarket Ambitions
A slew of tourism projects planned for the Caribbean are aimed at discerning clientele who want high-end properties with space for their mega-yachts.