ICA Announces the Signing of a US$215 Million Secured Convertible Loan with Fintech
(Thomson Reuters ONE) -
MEXICO CITY, June 17, 2016 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de
C.V. (BMV:ICA) (NYSE:ICA) announced today that it signed a secured convertible
loan agreement for a total principal amount of US$215 million and a three-year
term of maturity, through its subsidiaries Controladora de Operaciones de
Infraestructura, S.A. de C.V. ("CONOISA") and ICA Promoción e Infraestructura,
S.A.P.I. ("ICAPI", and together with CONOISA, the "Borrowers"), with Fintech
Europe S.A.RL. ("Fintech"), as lender, and ICA acting as guarantor. The loan
may be disbursed in two tranches of US$54 million and US$161 million subject to
the satisfaction of certain conditions precedent. The net proceeds of the loan
to ICA (after deducting fees and commissions) are expected to be approximately
US$50.2 million and US$149.7 million, respectively, for each tranche.
The loan bears PIK interest at a rate of 16%, accruing and capitalizing monthly.
The loan will be secured by pledges of ICA's shares of its subsidiaries,
Servicios de Tecnología Aeroportuaria, S.A. de C.V. ("SETA"), holder of control
shares of Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.; Desarrollo,
Diseño, Infraestructura y Operación, S.A.P.I. de C.V. ("DDIO"), holder of prison
infrastructure projects; Covimsa, S.A. de C.V. ("Covimsa"), holder of the Apaseo
- Palmillas concession, as well as shares of other entities within ICA's
engineering and construction segment and a pledge of 100% of the shares of ICAPI
and CONOISA, the holding company for all of ICA's concessions. The loan is
convertible, at the option of Fintech, into up to 32.02% of the shares of
CONOISA and of ICAPI, or is payable in kind into up to 53.45% of the shares of
Covimsa owned by CONOISA, 53.45% of the shares of SETA owned by CONOISA, 49.9%
of the shares of DDIO owned by CONOISA, as well as shares of other entities
within ICA's engineering and construction segment, subject to certain conditions
precedent.
The proceeds will be used to fund working capital and other investments required
for the company to participate in new construction and future infrastructure
projects.
This press release contains projections or other forward-looking statements
related to ICA that reflect ICA's current expectations or beliefs concerning
future events. Forward-looking statements involve inherent risks and
uncertainties. We caution you that a number of important factors could cause
actual results to differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking statements. These
factors include cancellations of significant construction projects included in
backlog, material changes in the performance or terms of our concessions,
additional costs incurred in projects under construction, failure to comply with
covenants contained in our debt agreements, developments in legal proceedings,
unanticipated increases in financing and other costs or the inability to obtain
additional debt or equity financing on attractive terms, changes to our
liquidity, economic and political conditions and government policies in Mexico
or elsewhere, changes in capital markets in general that may affect policies or
attitudes towards lending to Mexico or Mexican companies, changes in inflation
rates, exchange rates, regulatory developments, customer demand, competition and
tax and other laws affecting ICA's businesses 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.
Empresas ICA, S.A.B. de C.V., carries out large-scale civil and industrial
construction projects and operates a portfolio of long-term assets, including
airports, toll roads, water systems, and real estate. Founded in 1947, ICA is
listed on the Mexican and New York Stock exchanges. For more information,
visit http://ir.ica.mx/.
For more information, contact:
Christianne Ibánez
christianne.ibanez(at)ica.mx
relacion.inversionistas(at)ica.mx
+(5255) 5272 9991 x 3607
Pablo García
pablo.garcia(at)ica.mx
Chief Financial Officer
In the US:
Daniel Wilson, Zemi Communications
+(1212) 689 9560
dbmwilson(at)zemi.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Empresas ICA, S.A.B. de C.V. via GlobeNewswire
[HUG#2021542]
Datum: 17.06.2016 - 15:30 Uhr
Sprache: Deutsch
News-ID 478465
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