This week, Fibra Shop will go to the market to place debt for 3,000 million pesos that it will use to refinance its liabilities.
According to a presentation to investors, the real estate trust will have to settle bank debt for 3,200 million pesos.
The document indicates that the debt with cost amounts to 9,200 million pesos. In June of 2020 it will face another maturity for 3,000 million pesos.
Fibra Shop informed that the resources obtained from the sale of debt securities will be used to refinance bank liabilities, so it will not imply that it will increase its level of indebtedness.
"The mechanism will be through a Public Offer of Acquisition that will be open for 20 business days and optional for holders of the FSHOP15 bonus. It would be made up of current investors who participate via exchange, in the first place, by current investors or new investors, "the station said.
The investment trust in real estate (fiber) is dedicated to the development and acquisition of shopping centers and places. He currently owns 18 properties that are already operating, plus another project under construction, maintaining an occupation of 95.82 percent.
Commercial properties are located in 12 states of the Mexican Republic, such as the State of Mexico, Querétaro, Guanajuato, Jalisco, Puebla, among others.
Fibra Shop has a credit risk rating of "AA- (mex)" by Fitch Rating and "AA +" by HR Ratings, which means low risk of default on its debt obligations and good credit quality.
Rating agency Fitch indicated that the note assigned to the real estate trust "reflects the expectation that deleveraging will take place as of 2019, as its co-investment and expansion projects begin operations and begin to contribute to the generation of cash flow."
The issuer currently has two commercial centers in co-investment, Sentura Tlalnepantla, in the metropolitan area of Mexico City, and La Perla, in Guadalajara, Jalisco, which is expected to begin stabilizing their flows by 2020 and 2021.
In this period, "indebtedness measured as debt at asset value (LTV) will be slightly higher than 40%," Fitch said.
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