Desarrolladora Homex, S.A.B. de C.V. and Subsidiaries
Notes to restated consolidated financial statements
for the years ended December 31, 2010 and 2009
(Figures in thousands of Mexican pesos (Ps.), except as otherwise indicated)
26. Subsequent events
In November 12, 2010, the Company entered into a
master agreement of cooperation with the Omar Kassem
Alesayi Group from the Saudi Arabia Kingdom on which
both parties agreed to join efforts in order to develop
projects of entry-level homes. The first project will be
developed in Al Qara in the city of Jeddah, with a total
of 1,450 units under a co-development agreement with
Aqarat Real Estate Development Company.
The Company will invest 55% of 10 million riyals (approximately
US$ 2.7 million) in the joint venture.
At the date of the financial statements, the Company
is still in the process of creating the entity for the joint
venture and obtain the corresponding governmental
authorization.
On April 27, 2011, the Company through one of its
subsidiaries, entered into a short-term Credit Agreement
with Credit Suisse AG, in an aggregate principal amount
of US$150 million dollars due April 27, 2012, bearing a
variable rate of LIBOR plus 3.50%. Upon the execution
of this agreement and the proper documentation, the
Company will enter into an Interest-Only Swap that will
effectively convert floating amounts into peso denominated
rate of approximately TIIE minus 0.825%. The
use of proceeds is to repay or refinance indebtedness of
the parent Company and/or its subsidiaries.
During the first quarter of the year, the Company paid
and renewed some of its revolving credit lines. In addition
the Company entered into two new revolving credit
lines for working capital needs, one for Ps. 200,000
with Grupo Financiero Inbursa, S.A. and the other one
for Ps. 200,000 with Banco Mercantil del Norte, S.A.
On May 26, 2011, the Company through its Brazilian
subsidiary MCA Incorporacoes, S.A. celebrated a
simple guaranteed debentures issuance, through the
issuance of 1,279 debentures for which it received
R$127,300,000 (approximately Ps. 946.68 million
or US$76.46 million). This amount was used to refinance liabilities for the Brazilian operations and is due
on April 11, 2016.