Metro Securitization Sets Target

The Dominican Republic’s Metro Country Club is heard looking to pay around 14% on a new $150m 2019 bond. The developer is expected to be wrapping up investor meetings this week, according to sources familiar with the process, with an aim to close the securitization the week of August 13. The deal with a 3.5-year average life is 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 vehicle.