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Grupo Elektra to redeem US dollar debt

Mexican financial services firm Grupo Elektra SAB de CV said it will prepay on Feb. 20 debt worth $230 million, which will complete the redemption of its 2018 bond worth $550 million with a coupon of 7.25%.

The debt will be paid at a call price of 101.8125%, the company said in a Jan. 19 statement.

To finance the payment, Grupo Elektra issued fiduciary notes worth 2.5 billion Mexican pesos in December 2016 and will also use cash generated by the company.

The redemption will take place in a context of "positive financial results" for the company, reflecting its strategy to strengthen its capital structure.

As of Jan. 19, US$1 was equivalent to 21.93 Mexican pesos.