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Fitch rates Unifin notes BB
Fitch Ratings said it assigned Unifin Financiera, SAB de CV's proposed U.S. dollar senior notes an expected long-term rating of BB.
The planned issuance is for up to $500 million and up to eight years at a fixed rate.
The notes will be fully and unconditionally guaranteed by two operating subsidiaries of Unifin (Unifin Credit, SA de CV, Sofom, E.N.R. and Unifin Autos, SA de CV).
Unifin expects to use net proceeds from the offering for general corporate purposes, to refinance existing liabilities and for an offer to exchange the company’s outstanding notes for up to $200 million of the principal amount of the series 7% senior notes due 2022, 7¼% senior notes due 2023 and 7% senior notes due 2025 launched concurrently.
“After the expected issuance and the exchange of notes in accordance with the issuer forecast, leverage metrics are expected to remain consistent with the rating,” Fitch said in a news release.
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