Unifin gives final results on exchange offer for three note series

By Taylor Fox

New York, Feb. 18 – Mexico’s Unifin Financiera, SAB de CV gave the final results of its private offer to exchange three series of outstanding senior notes for up to $200 million of new 9 7/8% notes due 2029, according to a company announcement.

After the 5 p.m. ET Feb. 2 early participation date and prior to the 11:59 p.m. ET Feb. 17 expiration time, holders had tendered an additional $2.5 million of 7% senior notes due 2025 (Cusip: 90470TAB4). Unifin has accepted for exchange $1.7 million of those tendered notes.

As previously reported, the following old notes, listed in order of acceptance priority level, had been tendered and accepted as of the early participation date:

• None of the $200 million outstanding 7% senior notes due 2022 (Cusip: 90471MAB8). The consideration would have been $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;

• $79,968,000 of the $398,021,000 outstanding 7¼% senior notes due 2023 (Cusip: 90470TAA6). The consideration was $1,000 of new notes per $1,000 of old notes tendered by the early participation date and would have been $950 of new notes per $1,000 of old notes tendered after the early deadline; and

• $48,325,000 of the $442.55 million outstanding 7% senior notes due 2025. The consideration was $955 of new notes per $1,000 of old notes tendered by the early participation date and will be $905 of new notes per $1,000 of old notes tendered after the early deadline.

As previously reported, Unifin will also pay interest on the notes tendered.

On Thursday Unifin announced it expects to issue $1,538,000 of additional new notes in exchange for the accepted notes tendered by the expiration time, which will be consolidated to form a single series with the $526,095,000 of new notes issued Jan. 28 and Feb. 4.

The aggregate amount of new 9 7/8% senior notes due 2029 will be $527,633,000.

The new notes will be guaranteed by Unifin subsidiaries Unifin Credit, SA de CV, Sofom, ENR and Unifin Autos, SA de CV.

The coupon of the new notes was previously increased from 9%. Unifin also amended the call prices of the new notes.

The final settlement date is expected to be Feb. 19.

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.

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