Inbursa, OMA, Vesta Follow-Ons Set to Price

Grupo Financiero Inbursa, Corporacion Inmobiliaria Vesta, and Grupo Aeroportuario del Centro Norte (OMA) are set to press ahead with MXP-denominated equity follow-ons today, despite worsening market conditions, say people familiar with the deals. Corporacion Inmobiliaria Vesta is targeting more than MXP4bn ($309m) from its follow-on, which is set to comprise 120m primary shares and 44.5m secondary shares, assuming a 15% greenshoe. The transaction would raise MXP41bn if the deal is executed with a greenshoe at Monday’s MXP25.1 closing price. Credit Suisse and Santander are managing the deal. Inbursa plans to close books and set the price on an all-secondary sale of shares belonging to CaixaBank. It will sell 482m shares, assuming the greenshoe is filled, which would generate MXP13.2bn at Monday’s MXP27.09 closing price. Credit Suisse, Inbursa and UBS are global coordinators, with BTG Pactual bookrunner on the international portion, and Citi and BBVA on the Mexican sale. OMA’s follow-on is also an all-secondary transaction. The Aeroinvest subsidiary of construction firm ICA is selling 95m OMA shares, assuming a 15% greenshoe. The deal would raise MXP3.6bn at Monday’s MXP37.97 closing price. The company expects to sell 57m shares internationally and 38m to Mexican investors. 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.