Posadas to Buy Back $189.2m Bonds

Grupo Posadas announced plans to buy back $189.2m in 8.75% of 2011 bonds, following the closing of a tender offer. The total represents 84% of the $225m outstanding. The hotel operator is paying $1,050 per $1,000 in an offer launched March 17, with Credit Suisse as dealer manager. Posadas is funding most of the transaction with proceeds from MXP1.5bn in 2013 floating-rate bonds it sold last week, also via Credit Suisse.