Business Services Industry
Grupo Posada to issue US$150mn in senior debt paper.
Internet Securities, September, 2004
MEXICO CITY, Sep 30, 2004 (El Economista/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- Grupo Posadas, one of Mexico's most prominent hotel operators in the country, will issue US$150 million in senior debt paper expiring in 2011, with an 8%-interest rate, generating resources which will be used to pay off the firm's debt.
The operation will be carried out on October 4. The paper will be 100% guaranteed by the firm's main subsidiaries, stated the company.
According to the firm's expansion program, Grupo Posadas is expected to be soon building a new Fiesta Inn hotel in Manzanillo, Colima. According to the Secretariat of Tourism, the project will require an investment of 50 million pesos (US$4.4 million) and be wrapped up within nine-months...
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