Posadas Set for Bond Pricing

Mexico’s Grupo Posadas is expected to sell up to MXP3bn in 2018 fixed and 2013 floating-rate notes today. Proceeds from the mxA/mxA+ transaction will help fund a repurchase of up to $225m in 8.75% 2011 bonds. Separately, the hotel operator has received the consent of a majority of the issue’s holders at the time of its early consent date. The offer launched March 17 pays $1,035 per $1,000, and expires April 11. Holders tendering before March 28 received $1,050 per $1,000. Credit Suisse is dealer manager on the tender and also managing the debt sale.