Geo Postpones Bond

Maquinaria Especializada, a trust created by Mexican homebuilder Geo for the purpose of leasing construction equipment to the parent, is postponing a bond transaction, according to investors. The issuer is hoping to resume the process in about 2 weeks. It is planning a $160m 2020 bond, according to a Fitch report assigning a BB minus rating, and had been expecting to meet investors the past 2 weeks. Santander is sole lead on the deal. Geo sold $64.6m in construction equipment to Maquinaria Especializada, and has a 10-year agreement with the trust to lease it back, according to Fitch. Geo had previously planned to monetize the construction assets, which were then part of the Geo Maquinaria unit, through transactions in the Mexican domestic market. It made preliminary filings on a certificado de capital de desarrollo and then a domestic ABS, before attempting the dollar market.