OMA Sets ICA Selldown Timing

Mexico’s Grupo Aeroportuario del Centro Norte (OMA) has indicated a June 25 pricing for an all-secondary share equity follow-on that targets more than MXP4.0bn ($313m). In the deal, the Aeroinvest subsidiary of construction company ICA is selling 95m shares, assuming a 15% greenshoe is used. This would raise MXP4.16bn if done at Friday’s MXP43.83 closing price. Aeorinvest holds 42% of OMA, and is expecting to come away from the sale with 18%. OMA expects 57m of the shares to be sold internationally, and 38m in Mexico. Bank of America Merrill Lynch and BBVA are managing the sale, joined by Barclays and Morgan Stanley on the international tranche and Santander on the domestic. ICA is raising funds to combat what ratings agencies have identified as sagging financial metrics. The builder’s cash flow generation has suffered in a weaker construction market.