Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Slim’s Ideal Seeks $785 Million in Debt Sweetened With Toll Cash

March 5 (Bloomberg) -- Ideal, the construction-financing firm controlled by billionaire Carlos Slim, aims to raise as much as 10 billion pesos ($785 million) through a debt instrument that will also give investors cash from toll roads.

The structured notes, which would pay a fixed rate, would be used to raise money for new projects, the company told analysts on a conference call last week. In addition to the interest, investors would get a percentage of the residual cash flow from four toll roads operated by Ideal, whose name stands for Impulsora del Desarrollo y el Empleo en America Latina SAB.

The funding would position Slim’s company to take advantage when President Enrique Pena Nieto’s government begins accepting bids for new infrastructure development over the next year. The toll-road money will give investors an equity-like vehicle to invest in Ideal, which has put aside for now a plan to issue more stock to improve the liquidity of its shares.

Ideal shares rose less than 1 percent to 28.30 pesos yesterday in Mexico City, where it’s based. The shares have gained 19 percent this year, while the benchmark IPC index has risen less than 1 percent.

The company will file the paperwork for the structured notes with Mexico’s National Banking and Securities Commission in the next four to six weeks, so the details of the plans could change. A company official declined to comment.

To contact the reporter on this story: Crayton Harrison in New York at tharrison5@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.