Grupo Murano, a UK-based real-estate developer with operations in Mexico, is said to have postponed the sale of $300 million in green bonds after holding price talks with investors last week, according to IFR News.
Murano opened the initial price talk on a planned sale of six-year, noncallable three notes at around 11% on Thursday with BBVA as the sole bookrunner, the newswire reported.
The company was planning to use the proceeds to refinance debt linked to the construction of the Hyatt Vivid and Dreams Grand Island hotels in Cancun, as well as to add to the firm’s debt service reserve account and working capital, IFR wrote.
Based in London, Grupo Murano focuses on the design, structure and delivery of large-scale hospitality and commercial projects across Mexico, including the Andaz and Mondrian Hotels in Mexico City, according to its website.
The company’s shares trade on the Nasdaq stock exchange in New York.