salinas flagship unit raises 350 million through remittance bonds sale

Nueva Elektra del Milenio, the retail division of Grupo Elektra owned by Mexican billionaire Ricardo Salinas, has successfully raised $350 million through the sale of remittance bonds.

The funds will be used to refinance existing notes that were at risk of a rating downgrade, which could have triggered early repayments.

The dollar-denominated notes, which will mature in October 2031, were issued with a yield of 12.5%, in line with initial pricing expectations.

This action reflects the company's strategy to effectively manage its debt obligations while navigating potential market challenges.

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