Posadas Waits a Week with Dual-Tranche

Mexico’s Grupo Posadas expects to price up to MXP3bn in 2018 fixed and 2013 floating-rate notes April 8, according to bankers managing the sale. The hotel operator had originally set a date of April 1 for the offer, according to regulatory filings. But a banker on the deal says that was only a provisional date. Posadas plans to use proceeds from the mxA/mxA- offering to fund a buyback of dollar-denominated debt. As of March 31, it had received tender commitments from a majority of holders of its $225m outstanding 8.75% 2011 bonds, in an offer expiring April 11. Credit Suisse is dealer manager on the tender and also managing the debt sale.