OHL Mexico FO Details Emerge

OHL Mexico is targeting $650m in its planned equity follow-on and expects to price June 20, according to offering documents. It is selling 241.2m primary shares, including a 15% greenshoe, indicating a MXP8.23bn ($648m) deal at Tuesday’s MXP34.11 closing price. The transaction should represent about 13.9% of the unit and result in a 36% free-float. The Mexican unit of Spain’s OHL Concesiones concession operator plans to use about half of the proceeds to make investments in projects and half to repay debt. BBVA and UBS are global coordinators, joined by Goldman Sachs and JPMorgan on the international portion and Santander on the local side. The issuer raised $900m-equivalent in a 2010 IPO.