FARAC Borrowers Mum on Takeouts

ICA and GSIP, the operators of the first FARAC concession and the effective borrowers of $3.7bn in loans for the endeavor, are keeping a tight lid on plans to take out the $3.1bn peso-denominated acquisition facility, currently being syndicated out. Prospective participants cite the takeouts for the 7-year facility as critical information, given the scale and currency of $300m MLA tickets. But people close to the offer say the consortium is wary of committing to a time frame, in part out of fear of convoluting the syndication process. A 7-year hold would be both undesirable for lenders and unlikely, but beyond that it is unclear what the borrowers have in mind.