Pinfra issues first Fibra E securities

Friday, October 14, 2016

Mexican infrastructure company Promotora y Operadora de Infraestructura (Pinfra) has launched a public offering through its subsidiary Pacsa of the first Fibra E investment securities.

The offer was held on Thursday (Oct 13), as BNamericas foresaw earlier this month.

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In a notice sent to the Mexican stock exchange, Pinfra stated that it is seeking to raise up to 12bn pesos (US$633mn), considering over-allocation.

The offer involves the issue of 394,502,411 Fibra E units, including the over-allocation, or 343,045,575 units without the over-allocation option.

The Fibra E securities were priced in the 29-32 peso range. The average expected price is 30.5 pesos.

At least 70% of the trust's average annual return must be directly invested in Pacsa's shares, the notice reads.

The notice names Infraestructura Viable as the trustor and Banco Invex as the trustee. GBM Casa de Bolsa and the local brokerage of Morgan Stanley act as underwriters.

This is the first time in Mexico that a company has issued Fibra E securities since the government introduced the tax-efficient instrument last year in order to promote energy and infrastructure projects amidst the country's budget cuts.

Pacsa operates the Mexico City-Toluca highway, Pinfra's biggest concession and one of the country's busiest roads.