Looks like HXM could be back in business. Up 12% AH on this. I have no idea how much 1.8 billion pesos is in dollars.
Homex in Discussions with Zell Credit Opportunities Fund to Provide Financing
Potential new credit facilities to enable development of up to 8,000 housing units and fund general corporate activities
Culiacán, Sinaloa, April, 3rd 2014 – Desarrolladora Homex, S.A.B. de C.V. (“Homex” or the Company”) today announced that it is in discussions with an affiliate of Zell Credit Opportunities Fund (ZCOF) to provide secured financing. The financing will be comprised of (i) a project development tranche of up to Ps.1.8 billion to fund construction of over 8,000 new homes and (ii) a working capital tranche of up to Ps.300 million for general corporate purposes. The specific funding that Homex will receive, as well as the agreement to fund, are subject to definitive documentation and satisfaction of certain funding conditions.
The loans will each have a three year tenor and Homex will have the option to extend the maturity date twice, each for a one year period.
Additional information on the agreement will be disclosed by the Company once the definitive documents are signed and the funding conditions are satisfied.
About Homex
Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM, BMV: HOMEX] is a vertically integrated home-development company focused on affordable entry-level and middle-income housing in Mexico.