Road Operator to Pitch 144a Investors

OHL Mexico’s Concesionaria Mexiquense (Conmex) road concession is planning to issue UDI-denominated international bonds, according to a prospectus. OHL Mexico confirmed plans for fixed-income investor meetings, but declines to provide further information. The toll road operator is planning a 2035 UDI-denominated senior secured tranche and a 2046 UDI-denominated zero-coupon senior secured tranche, according to the prospectus. The tranches have weighted average lives of 19 and 28 years, respectively. Proceeds will be used to refinance existing debt. Goldman Sachs is managing the 144a/RegS transaction, to be rated BBB/BBB. The size and timing were not immediately clear. Conmex is an indirect wholly-owned subsidiary of OHL Mexico, and is its largest asset in terms of kilometers, toll revenue and Ebitda generation. It operates the 155km Mexico City Beltway under a 30-year concession.