Mexico's ICA has inked a 750 million peso (US$39.85 million) loan agreement with the EXI private equity fund that will enable the embattled construction firm to finish a highway project, the company said on Tuesday, helping to lift its share price.
The EXICK Trust, part of Mexico Infrastructure Partners' EXI Fund, will provide the resources to complete the Palmillas-Apaseo El Grande toll road that crosses Queretaro and Guanajuato states in central Mexico.
Following the announcement, ICA shares were up more than 7 percent to trade at 4.50 pesos per share.
The company, which last week defaulted on its third straight interest payment, saw its net debt reach 51.147 billion pesos (US$2.97 billion) in the third quarter as a slump in the peso caused its dollar debt value to balloon.