ICA Clinches Reduced OMA Selldown

Mexico’s Aeroportuario del Centro Norte (OMA) has priced a MXP2.76bn ($214m) follow-on of shares owned by Empresas ICA, landing at a 4.0% discount. After an initial postponing of the deal last week, the 69m secondary shares priced at MXP40.00 each, according to a filing. The total assumes a 15% greenshoe and the price compares to the previous MXP41.68 closing level Monday. OMA shares closed at MXP40.31 Tuesday. Some 60% of the deal went to international buyers and 40% to Mexicans. The stake represents 17.25% of the airport operator and was trimmed down from the 95m share deal originally planned for last week and delayed due to market volatility. The Mexican builder is selling the OMA shares through its Aeroinvest subsidiary. Bank of America Merrill Lynch was global coordinator for the deal, joined by Barclays, BBVA, Morgan Stanley and Santander as joint bookrunners. The deal comes as part of a fundraising plan to improve ICA’s liquidity position as its project backlog stalls, and follows a $380m exit from the RCO toll road partnership last month. Next up in Mexico’s ECM is the $2bn-plus follow-on from Banorte, scheduled for July 16.