MEXICO CITY, Nov. 3, 2014 (GLOBE NEWSWIRE) -- Empresas ICA, S.A.B. de C.V. (BMV:ICA.MX) (NYSE:ICA), the largest infrastructure and construction company in Mexico, announced that its subsidiaries ICA San Luis S.A. de C.V. and Libramiento ICA La Piedad S.A. de C.V. placed Ps. 1,750 million in subordinated Notes (Certificados Bursátiles) in the Mexican capital markets, as part of ICA's capital recycling activities.
The 30-year, UDI-denominated Notes have a fixed real rate of 8.519%. The proceeds will be used to pay corporate short-term debt, aid in the development of new projects that require investment, and provide working capital for projects under construction. The Notes have been structured as project financings where the source of repayment is solely project cash flows. The Notes received ratings of "mxAA-" from Standard & Poor's and "HR AA-" from HR Ratings.
This report contains projections or other forward-looking statements related to ICA that reflect ICA's current expectations or beliefs concerning future events. Such forward-looking statements are subject to various risks and uncertainties and may differ materially from actual results or events due to important factors such as changes in general economic, business or political or other conditions in Mexico, Latin America or elsewhere, changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies, changes in tax and other laws affecting ICA's businesses, increased costs, unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms and other factors set forth in ICA's most recent filing on Form 20-F and in any filing or submission ICA has made with the SEC subsequent to its most recent filing on Form 20-F. All forward-looking statements are based on information available to ICA on the date hereof, and ICA assumes no obligation to update such statements.
Empresas ICA, S.A.B. de C.V. is Mexico's largest infrastructure company. ICA carries out large-scale civil and industrial construction projects and operates a portfolio of long-term assets, including airports, toll roads, water systems, and real estate. Founded in 1947, ICA is listed on the Mexican and New York Stock exchanges. For more information, visit ir.ica.com.mx