CULIACAN, Mexico, July 2 /PRNewswire-FirstCall/ -- Mexico's leading homebuilder, Desarrolladora Homex, S.A.B. de C.V. ("Homex" or "the Company") has entered into a new credit facility denominated in Mexican pesos in an amount equivalent to US$200 million with Banco Inbursa, S.A., one of the leading banks in Mexico.
"This transaction reflects not only the solid Homex brand but also the strength of the Mexican financial institutions," said Alan Castellanos, Homex's Chief Financial Officer. Mr. Castellanos also stated that "through this credit facility, we believe the Company will be able to improve its capital structure and liquidity position."
The five-year credit facility, with a single principal payment due at maturity, has an annual interest rate of TIIE (the reference interest rate in Mexico) plus 1.35% payable quarterly.
The Company intends to use the credit facility for land acquisitions, improving its tax strategy, as well as for investment in recently launched vertical or multistory construction and tourism developments.
About Homex
Desarrolladora Homex, S.A.B. de C.V. is a leading, vertically integrated home development company focused on affordable entry-level and middle-income housing in Mexico. The Company is one of the most geographically diverse homebuilders in the country and a leader in the top four markets. Homex is the largest home builder in Mexico, based on revenues, number of homes sold and net income. The Company is listed in the Mexican Stock Exchange (BMV) and is the only Mexican homebuilder listed in the New York Stock Exchange (NYSE). Homex is the only Mexican company part of the OECD's Latin American Corporate Governance Roundtable.
For additional corporate information, please visit the Company's web site at: http://www.homex.com.mx/.
