Printer Friendly

DESC, SOCIEDAD DE FOMENTO INDUSTRIAL, S.A. DE C.V. COMPLETES U.S. $150 MILLION NOTE ISSUE

 MEXICO, July 8 /PRNewswire/ -- DESC, Sociedad de Fomento Industrial, S.A. de C.V., today announced its Grupo IRSA, S.A. de C.V. unit issued $150 million 8 1/2 percent five-year notes paying 8 3/8 percent coupon due July 15, 1998. Closing will be July 15, 1993. The issue, priced at a spread of 344.5 basis points more than comparable U.S. Treasury bonds, was increased twice, from $100 to $150 million, in order to satisfy market demand. The underwriting group was headed by Goldman, Sachs & Co. and Latinvest Securities Ltd. Proceeds will be used to restructure short term debt at Grupo IRSA, DESC's petrochemical and consumer products unit.
 DESC, Sociedad de Fomento Industrial, S.A. de C.V., is a diversified holding company which, through its subsidiaries and equity investment, is Mexico's eighth largest company with interests in automotive parts, chemicals, agribusiness, real estate, consumer products and financial services. DESC had net sales of approximately New Pesos 5.2 billion in 1992 and its shares are listed on the Bolsa Mexicana de Valores (Mexican Stock Exchange) under the symbol "DESC". DESC's Series "C" shares are available in the U.S. in the form of American Depositary Receipts.
 -0- 7/8/93
 /CONTACT: Arturo D'Acosta R. of DESC, Sociedad de Fomento Industrial, S.A de C.V., (T)525-251-6918 or 525-251-4082, (F) 525-251-8535, or Diana Brainerd of Abernathy/MacGregor/Scanlon, (T) 212-371-5999, or (F) 212-371-7097, for DESC, Sociedad de Fomento Industrial, S.A. de C.V./


CO: DESC, Sociedad de Fomento Industrial. S.A. de C.V. ST: Mexico IN: SU:

TM -- NY103 -- 9725 07/08/93 18:57 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 8, 1993
Words:274
Previous Article:TEXAS UTILITIES ELECTRIC $500 MILLION SENIOR DEBT RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:PECO, PJM SET RECORDS FOR PEAK ELECTRIC USE; OTHER ALL-TIME RECORDS MAY FALL
Topics:


Related Articles
ACQUISITION MAKES DANA AFFILIATE A FULL-LINE SUPPLIER OF VEHICULAR TRANSMISSIONS IN NORTH AMERICA
ACQUISITION MAKES DANA AFFILIATE A FULL-LINE SUPPLIER OF VEHICULAR TRANSMISSIONS IN NORTH AMERICA
ICA SELLS ITS ASSETS IN ITS AUTO PARTS SUBSIDIARY
DESC AUTOPARTS SECTOR WINS THE NATIONAL QUALITY AWARD FOR 1994
DESC ANNOUNCES NINE MONTH 1995 RESULTS
DESC'S AUTOPARTS SECTOR WINS NATIONAL QUALITY AND EXPORT AWARDS
DESC COMPLETES EXPORT SECURITIZATION FINANCING
DESC ANNOUNCES FIRST QUARTER 1996 RESULTS
DESC Acquires Heavy Duty Transmission Unit from Dana Corp.
Hayes Lemmerz to Expand Capacity.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters