Goldman Sachs Infrastructure Partners and Mexican construction group Empresas ICA (ICA) have sold a stake in a group of toll roads in Mexico through a share issue.
Goldman and ICA have placed 6.55 billion pesos (€328 million; $483 million) of equity-linked notes through a trust fund on the Mexican Stock Exchange for a 32 percent stake in Red de Carreteras de Occidente (RCO), the largest toll road operator in Mexico and the concessionaire of the FARAC 1 road package.
ICA said in an announcement to the stock exchange that RCO will use part of the proceeds to pay down its debt.
RCO is operator
The new trust fund shares were priced at 0.77 pesos each. The shares were issues as Certificados de Capital de Desarrollo de Infraestructura a largo plazo, or CKDes, a new kind of security class structured to be acquirable only by institutional investors in the Mexican market, particularly public pension fund managers.
Last month Goldman Sachs Infrastructure Partners became the largest shareholder in Channel Tunnel rail link operator Eurotunnel after opting to swap its deferred equity securities for a stake in the company.