Following in the track marks of Tribasa, highway operator Grupo Profrezac aims to drive a securitization into the market. The issuer is readying up to Ps1.35 billion ($123 million) of 15-year notes backed by toll road revenue, according to a preliminary prospectus on the website of the Mexican Stock Exchange. Scotia Capital will lead the deal, which has received a preliminary rating of AA+(mex)’ on the national scale from Fitch Ratings.
Proceeds from the deal are earmarked to refinance paper issued in June 2002 and to pay back a loan with Cemex Capital. The upcoming deal will collateralize flows from two existing roads, Fresnillo and Calera-Enrique Estrada, and a project soon to be completed. All three are located in the state of Zacatecas in the north of the country. The Fresnillo stretch of road is forecast to pull in Ps58.6 million in tolls during 2005 from Ps10.6 million in 1995. The respective figures for Calera-Enrique Estrada are Ps66.6 million and Ps8.5 million.
Elsewhere in Mexico, Infonavit, the country’s largest mortgage originator, issued a 20-year final deal worth 294 million inflation-indexed units (UDIs) ($96.5 million), a downsize from the 395 million UDIs initially planned. A source close to the deal said: “The transaction cleared at the minimum amount due to the yield at which investors showed appetite for the deal.” The final yield was a real 5.90%.
Curiously enough, the issuer’s last deal, for 362.7 million UDIs, priced at a slightly higher 5.94%. BBVA Bancomer and Inversora Bursatil jointly led the deal, with Deutsche Securities as co-manager. The deal is the third issue of a program capped at Ps5.2 billion. The agency originated the collateral between January and July of 2004. Infonavit will be its own servicer.
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