Empresas ICA SAB, the Mexican construction company seeking to cut debt following two ratings downgrades, said it’s raising at least $185.7 million by selling part of its airports unit two weeks after postponing a similar deal.
Pricing for the sale of 60 million “B” shares in Grupo Aeroportuario del Centro Norte SAB, the airport operator known as OMA, was fixed at 40 pesos per share and $24.76 per American Depositary Receipt, the companies said in statements today. The Mexico City-based builder is selling a smaller stake after pulling back from a plan to offer 24 percent of OMA on June 25.
The transaction may raise an extra $27.8 million for ICA if the deal’s underwriters exercise an option to buy an additional 9 million shares, boosting the total sale to about 17 percent of the airport operator. ICA, which had its credit rating reduced by Moody’s Investors Service and Standard & Poor’s in May due to falling revenue and delays in public-works spending by President Enrique Pena Nieto, will retain control of OMA through another class of shares.
“We believe that while this offering will aid ICA with its short-term cash needs, it should be a non-issue for OMA’s fundamentals as its status quo should prevail,” Corporativo GBM SAB analysts Luis Willard and Bernardo Velez wrote in a note to clients today. “Nonetheless, liquidity of the stock should improve.”
ICA fell 1.7 percent to 23.35 pesos at the close in Mexico City. OMA dropped 3.3 percent to 40.31 pesos.