By Taylor Fox
New York, Jan. 26 – Mexico’s Unifin Financiera, SAB de CV amended its private offer to exchange three series of outstanding senior notes for up to $200 million of new notes, according to a company announcement.
The old notes will now be exchanged for new 9 7/8% senior notes due 2029 guaranteed by Unifin subsidiaries Unifin Credit, SA de CV, Sofom, ENR and Unifin Autos, SA de CV.
The coupon of the new notes was increased from 9%. Unifin said it also amended the call prices of the new notes.
In addition, Unifin announced it priced $400 million of new 9 7/8% senior notes due 2029 under a separate offering on Monday. The new notes are expected to be issued Jan. 28 and will be consolidated and form a single series with the notes issued under the exchange offer.
As announced on Jan. 20, Unifin is offering to exchange the following old notes, listed by order of acceptance priority level:
• $200 million outstanding 7% senior notes due 2022 (Cusip: 90471MAB8) for $1,000 of new notes per $1,000 of old notes tendered by the early participation date and $950 of new notes per $1,000 of old notes tendered after the early deadline;
• $398,021,000 outstanding 7¼% senior notes due 2023 (Cusip: 90470TAA6) for $1,000 of new notes per $1,000 of old notes tendered by the early participation date and $950 of new notes per $1,000 of old notes tendered after the early deadline; and
• $442.55 million outstanding 7% senior notes due 2025 (Cusip: 90470TAB4) for $955 of new notes per $1,000 of old notes tendered by the early participation date and $905 of new notes per $1,000 of old notes tendered after the early deadline.
Unifin will also pay interest on the notes tendered.
If the exchange of all old notes tendered on or prior to the early participation date would cause Unifin to issue an amount of new notes that would exceed the offer cap, then the offer will be oversubscribed and Unifin will not accept for exchange any old notes tendered after the early participation date.
If the offer is not oversubscribed at the early participation date and the exchange of all old notes tendered on or prior to the expiration date would cause Unifin to issue an amount of new notes that would exceed the offer cap, then the offer will be oversubscribed and Unifin will accept for exchange all old notes tendered on or prior to the early participation date and then accept for exchange any old notes tendered after the early participation date under acceptance priority procedures.
Notes tendered may be withdrawn until the early participation date at 5 p.m. ET on Feb. 2.
The offer will expire at 11:59 p.m. ET on Feb. 17.
D.F. King & Co., Inc. (800 515-4479 or 212 232-3233) is the information and exchange agent for the offer, and Barclays, Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC are the global coordinators and lead dealer managers. Banco BTG Pactual SA, Cayman Branch, Santander Investment Securities Inc. and Scotia Capital (USA) Inc. are dealer managers.
Mexico City-based Unifin is a leasing company operating as a non-banking financial services company.
New notes
| Issuer: | Unifin Financiera, SAB de CV
|
| Guarantors: | Unifin Credit, SA de CV, Sofom, ENR and Unifin Autos, SA de CV
|
| Issue: | Senior notes
|
| Maturity: | 2029
|
| Coupon: | 9 7/8%
|
| Call options: | At 104.938 beginning in 2025, at 102.469 beginning in 2026 and at par beginning in 2027
|
| Equity clawback: | At 109.875
|
| Ratings: | S&P: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
