Mexico's largest electronics retailer Grupo Elektra S.A. is launching its sixth transaction through GBM Casa de Bolsa SA. This time around, the notes will be denominated in inflation-pegged units or UDIs.
The $37.8 million in notes are backed by account receivables at Elektra stores and will carry an interest rate equal to the value of the 91-day UDI plus a differential that will be set at launch.
The deal received a local AAA rating from Fitch IBCA, an improvement from the company's previous deals - the April 1998 offering was rated AA and the September 1999 one received a AA-plus rating.
The retailer, which has securitized over $200 million of its account receivables since 1997, will use the proceeds to pay off short-term obligations.