Geo Says Lines Still Open

Mexican housing developer Corporacion Geo says it expects to continue to have access to peso financing and that existing bank lines are solid. “Commercial banks have recently confirmed their commitment to maintain Geo’s current credit lines, and construction loans have also been reconfirmed; GEO therefore has more than enough lines to renew the current bridge loans, if they are needed,” says the company. Geo says it successfully refinanced all debt maturities for 2008, despite “demanding and cautious” credit markets. It adds that a MXP200m December debt placement is confirmation that well-positioned companies still have access to the domestic debt market. “Furthermore, our joint venture (with Prudential and Banorte) reaffirmed their long-term commitment with Geo,” says the borrower.