Cox issues $800 million in hybrid debt for institutional investors
Cox Asset México, a subsidiary of Cox Infrastructure Group, has launched a hybrid capital issue worth 688 million euros ($800 million), aimed at international institutional investors.
Cox Asset México, a subsidiary of Cox Infrastructure Group, has issued 800 million dollars of hybrid capital, equivalent to 688 million euros. The issue, aimed at international institutional investors, was oversubscribed with demand exceeding 2,500 million dollars. The hybrid capital, with a perpetual and subordinated nature, will have an initial annual coupon of 8.75% and a first redemption option for the issuer from September 17, 2031.
The funds will mainly be used to repay a 733 million dollar loan used to refinance the acquisition of Iberdrola México, which was completed in the second quarter. Citi, Goldman Sachs, and Scotiabank were the global coordinators and placement entities.
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