March 18, 2016 / 7:13 PM / 2 years ago

ICA's agrees $215 mln loan with Fintech, outlines business plan

MEXICO CITY, June 17 (Reuters) - Embattled Mexican construction firm ICA said on Friday it had agreed a three-year convertible loan for $215 million with investment firm Fintech as it presented a preliminary business plan to turn around its operations.

In a statement, the company said it would be exiting international concession projects it had yet to begin, and that construction would be limited to Mexican operations in future.

The loan has a 16 percent interest rate and will be secured by a pledge agreement on shares of ICA, which has been struggling to pay off a heavy debt load. Fintech is the investment vehicle of Mexican financier David Martinez. (Reporting by Dave Graham and Veronica Gomez)

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