ICA Announces the Pricing of US$350 million of Senior Notes Due 2017
MEXICO CITY, July 19, 2012 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V. (BMV:ICA) (NYSE:ICA), announced today that it has priced US$ 350 million of new Senior Notes due 2017 (the "Notes"). The Notes have a coupon of 8.375% per year payable semi-annually, with a yield to maturity of 8.625%.
The Notes are being issued pursuant to exemptions from registration provided under Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The Notes will be issued by Empresas ICA, S.A.B. de C.V. ("ICA") and guaranteed on a senior unsecured basis by Constructoras ICA, S.A. de C.V., Controladora de Operaciones de Infraestructura, S.A. de C.V. and Controladora de Empresas de Vivienda, S.A. de C.V., each a subsidiary of the Company.
The proceeds will be used to pay short term debt. This is intended to improve the Company's debt maturity profile.
The Notes have not been and will not be registered under the Securities Act or any state securities laws and were offered to qualified institutional buyers in reliance on Rule 144A under the Securities Act or to non-U.S. persons in accordance with Regulation S under the Securities Act. Unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release is for informative purposes only and is neither an offer to sell nor a solicitation of an offer to buy any of these securities.
Application has been made by ICA to list the Notes on the Official List of the Luxembourg Stock Exchange, and to admit the Notes for trading on the Euro MTF market, the alternative market of the Luxembourg Stock Exchange.
THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE NATIONAL SECURITIES REGISTRY (REGISTRO NACIONAL DE VALORES) MAINTAINED BY THE MEXICAN NATIONAL BANKING AND SECURITIES COMMISSION (COMISION NACIONAL BANCARIA Y DE VALORES, OR "CNBV"), AND MAY NOT BE OFFERED OR SOLD PUBLICLY OR OTHERWISE BE THE SUBJECT OF BROKERAGE ACTIVITIES IN MEXICO, EXCEPT PURSUANT TO THE PRIVATE PLACEMENT EXEMPTION SET FORTH IN ARTICLE 8 OF THE LEY DEL MERCADO DE VALORES, OR THE MEXICAN SECURITIES MARKET LAW. WE WILL NOTIFY THE CNBV OF THE TERMS AND CONDITIONS OF THIS OFFERING FOR INFORMATIONAL PURPOSES ONLY. DELIVERY OR RECEIPT OF SUCH NOTICE DOES NOT CONSTITUTE OR IMPLY A CERTIFICATION AS TO THE INVESTMENT QUALITY OF THE NOTES OR OF SOLVENCY, LIQUIDITY OR CREDIT QUALITY OF ICA OR THE ACCURACY OR COMPLETENESS OF THE CORRESPONDING OFFERING MEMORANDUM. THE OFFERING MEMORANDUM IS SOLELY THE RESPONSIBILITY OF ICA AND HAS NOT BEEN REVIEWED OR AUTHORIZED BY THE CNBV.
Empresas ICA, S.A.B. de C.V. is Mexico's largest construction and infrastructure operations company. Founded in 1947, ICA's principal lines of business are civil and industrial construction and engineering; infrastructure operations, including airports, toll roads, and water systems; and homebuilding.
The Empresas ICA, S.A.B. de C.V. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10914
This press release may contain projections or other forward-looking statements related to ICA that reflect ICA's current expectations or beliefs concerning future events. Such forward-looking statements are subject to various risks and uncertainties and may differ materially from actual results or events due to important factors such as changes in general economic, business or political or other conditions in Mexico, Latin America or elsewhere, changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies, changes in tax and other laws affecting ICA's businesses, increased costs, unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms and other factors set forth in ICA's most recent filing on Form 20-F and in any filing or submission ICA has made with the SEC subsequent to its most recent filing on Form 20-F. All forward-looking statements are based on information available to ICA on the date hereof, and ICA assumes no obligation to update such statements.
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