Mexico firm to launch $1.26 bln energy, infrastructure instrument

miércoles 11 de noviembre de 2015 20:33 GYT

By Alexandra Alper and Jean Luis Arce

MEXICO CITY Nov 11 (Reuters) - A Mexican consulting firm plans to raise up to 21 billion pesos ($1.26 billion) through public offerings of certificates for an infrastructure and energy investment vehicle, according to a prospectus seen by Reuters on Wednesday.

The move comes as Mexican finances have been hammered by sinking oil prices and output, prompting the government to seek a larger role for private investors in the country's infrastructure projects.

Consulting firm Ainda, which will manage the vehicle, will seek 6 billion pesos through the sale of series A certificates, starting with an initial offering of up to 1.2 billion pesos. No date has been set for the first issue but a source familiar with the plan expects it to take place in the first quarter of 2016.

Additional funds will be raised through capital calls. The firm plans to issue 15 billion pesos in series B certificates that will be held in its treasury and may be bought exclusively by series A holders.

The instrument will target investments in oil, electricity, water and transportation projects, according to the prospectus, which is expected to be published by the Mexican bourse this week.

In September, Mexico's government announced plans to allow a new kind of fund known as a Fibra E that can be backed by assets ranging from energy pipelines to jails.

Ainda's CKD will have the option to convert into a Fibra E or shift specific projects to such a fund, as it seeks to entice private and institutional investors at home and abroad, including Mexican pensions, called Afores, and insurers.

The certificates will be valid for 15 years and local bank Invex will serve as trustee while brokerage Finamex will underwrite the initial offer.

($1 = 16.7221 Mexican pesos) ($1 = 16.7130 Mexican pesos) (Additional Reporting by Tomas Sarmiento; Editing by Andrew Hay)