Empresas ICA in $500 Million Notes Offering

February 14, 2011

Cleary Gottlieb represented Empresas ICA in its sale of $500 million 8.900% senior notes due 2021. The initial offering of $400 million, for which BofA Merrill Lynch, Morgan Stanley and Santander acted as initial purchasers, closed on February 4. The offering was reopened for an additional $100 million. BofA Merrill Lynch was the initial purchaser in the additional issuance, which closed on February 14. The notes, issued in reliance on Rule 144A/Regulation S, will be listed on the Luxembourg Stock Exchange. The proceeds from the sale will be used to repay outstanding debt and for general corporate purposes, including equity contributions for new and existing projects.

ICA is Mexico’s largest construction and infrastructure operations company. Founded in 1947, ICA’s principal lines of business are civil and industrial construction and engineering, housing and infrastructure operations, including airports, toll roads and municipal services.