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Grupo Aliado to sell $50M in cumulative preferred shares

Panama-based Grupo Aliado SA on Aug. 27 plans to offer two series of cumulative preferred shares worth up to $50.0 million, according to a securities filing.

The company plans to offer $25.0 million of series A preferred shares carrying a 6.25% dividend yield with a fixed redemption date in August 2024. It also will offer $25.0 million of series B preferred shares carrying a 7.00% dividend yield and with a fixed redemption date in August 2026.

Both series will be issued Aug. 29.

Proceeds from the offerings will be used to strengthen Grupo Aliado's equity base and to capitalize its subsidiaries.