Sole lead Santander Investment Securities priced today a $160 million, 10-year deal backed by payment obligations linked to a pool of equipment that Mexico’s Corporacion Geo uses to build houses, said a source close to the deal. The yield came to 9.75%. Fitch Ratings and Standard & Poor’s rated the deal ‘BB-’. Fitch said that the rating is linked directly to the ‘BB-’ rating of Corporacion Geo, as the company is on the hook for the payments. The payments are made under the terms of a service agreement entered into by Corporacion Geo, various of its units, and Geo Maquinaria in exchange for the machinery utilization services for Corporacion Geo and its units.
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