Mexico’s No. 2 cabler calls off IPO

Cablemas reacts to dip in global markets

MEXICO CITY — Mexico’s second-biggest cabler, Cablemas, has nixed taking the company public for the time being after a dip in global markets this week.

Bloomberg News on Thursday cited a banker involved in the sale as saying the company had decided to hold off on an initial public offering this month. Cablemas’ owners had expected to raise as much as $247 million.

The Mexican and Brazilian stock markets have slipped over the past week as rising U.S. interest rates spurred purchases of U.S. bonds, drawing investment away from emerging markets.

Cablemas and Citigroup’s Banamex, the lead bank manager in the sale for the Mexican stock market, did not immediately return calls seeking comment.

Cablemas announced in early April that it would sell shares in Mexico and American depositary receipts in New York.

Privately held company is seeking funds to help pay down its debt, currently more than $170 million, according to its first-quarter report issued May 2.

Cablemas, which operates in 46 Mexican cities, counted more than 612,000 subscribers and 133,000 high-speed Internet subs at the end of the first quarter.

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