Metro Preps Securitization

The Dominican Republic’s Metro Country Club is preparing a $150m 2019 securitization, according to Fitch, which assigns a B minus rating to the deal. The developer is said to be starting a roadshow today expected to visit the US, Europe and LatAm, with an aim to close the transaction the week of August 13. The deal with a 3.5-year average life will be backed by flows related to the sale and operational revenues from the Las Olas, Marbella, Costa Blanca and Metro Country Club projects. Proceeds will be used to refinance $75m in existing debt, as well as complete current projects and fund the acquisition of land for new ones. Bank of America Merrill Lynch is managing the process, done through the MCC Finance SPV.