Elektra subsidiary prints first cross-border notes
Elektra subsidiary prints first cross-border notes Mexican group s retail division prices $500 mln worth of seven-year bonds to yield 5%
BondsDebtCapital MarketsCorporate & Sovereign StrategyFixed IncomeMexico Nueva Elektra del Milenio (NEM), the retail division of Mexican financial and retailing corporation Grupo Elektra, sold $500 million worth of seven-year bonds in its debut in the international debt market, according to a source involved in the deal.
The company opened the deal with the initial price talk in the low-5% area before it priced the new 4.875% 2028 notes at 99.494 to yield 5%, the source said.
BCP Securities, Credit Suisse and Jefferies were the bookrunners.
By Oliver West
06 Jan 2021
Nueva Elektra del Milenio, the company that operates the retail store and money transfer businesses of Mexico’s Grupo Elektra, will begin virtual meetings with bond investors on Wednesday as it looks to sell a senior secured bond collateralised by remittance flows originated in the US.
BCP Securities,
Jefferieswill be global coordinators and bookrunners on the proposed 144A/Reg S deal, which has been rated BBB- by Fitch and BBB+ by Mexican agency HR Ratings. The $500m seven-year deal, which will be issued via special purpose vehicle Mexico Remittances Funding Fiduciary Estate,
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