Kuo Funds LM

Mexico’s Grupo Kuo has sold $325m in new 2022 NC5 bonds, raising more than the $250m it needed to cover a liability management exercise. The BB rated conglomerate priced at par with a 6.25% coupon to yield in line with 6.25%-area guidance that followed earlier mid-to-high 6% price talk. Kuo is engaged in a buyback offer for its $250m outstanding 9.75% 2017 bonds. It is offering holders $1,053.75 cash per $1,000 principal through today’s early deadline, and $1,023.75 per $1,000 through the December 14 final deadline. Credit Suisse is managing the tender, and was joined by Citi and Bank of America Merrill Lynch on the new deal.