Alsea Prices FO

Mexico’s Alsea has priced an equity follow-on expected to raise MXP1.25bn ($96m). The food and beverage franchise operator arrived at a MXP21.50 price, according to people familiar with the sale, and was set to offer 58m shares, assuming a 15% greenshoe is used. The level represents a 1.7% discount to Thursday’s MXP21.88 closing price. The issuer plans to use proceeds to repay debt to improve its capital structure as it continues to expand. Banamex and Santander managed. Alsea is known as the operator for brands such as Starbucks, Dominos Pizza and Burger King in Mexico and in other markets. Company officials recently announced a $110m plan to expand the Starbucks brand in Mexico and Argentina.