Cox emite 800 millones de dólares en deuda híbrida para inversores institucionales
Cox Asset México, filial de Cox Infrastructure Group, ha sacado al mercado una emisión de capital híbrido por importe de 688 millones de euros (800 millones de dólares), dirigida a inversores institucionales internacionales. Leer
Cox Infrastructure Group, a subsidiary of Cox Asset Mexico, has issued an 800 million dollar hybrid debt offering to institutional investors, according to a statement to Spain's stock market regulator, CNMV. The 688 million euro (800 million dollar) securities were issued in the US 144A/Reg S format, one of the most demanding markets in the world.
This marks the first time a non-financial Spanish company has issued hybrid debt denominated in dollars. Citi, Goldman Sachs, and Scotiabank served as global coordinators and dealers, while Barclays and Deutsche Bank acted as dealers. The offering received over $2.5 billion in demand, indicating a three-fold oversubscription, with participation from around 125 institutional investors from the US, UK, Europe, Asia, and other regions.
The hybrid debt, which is perpetual and subordinate, will pay an initial annual coupon of 8.75% and has an early amortization option for the issuer starting September 17, 2031. This is the second time Cox has entered the international bond market in less than five months, following a $2 billion senior debt issuance by its Mexico subsidiary in May that also saw strong demand.
The funds raised will primarily be used to amortize the $733 million term loan taken to refinance the April acquisition of Iberdrola Mexico.
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