Colombia’s Credivalores starts exchange offer for 8¾% notes due 2023

By Mary-Katherine Stinson

Lexington, Ky., Feb. 27 – Colombia’s Credivalores-Crediservicios SA (Credivalores) launched an offer to exchange any and all its $25 million outstanding 8¾% notes due 2023 (ISIN: XS2370208980) for new 13% notes due 2024, according to a notice.

Eligible holders who tender their notes will receive $918 in new notes plus $100 cash per $1,000 existing note tendered, plus accrued interest.

The company will only accept existing notes for exchange if at least $20 million, or 80%, of the outstanding principal amount of the existing notes are tendered.

The offer will expire at 11 a.m. ET on March 7.

Settlement is expected for March 14.

General ProCapital SBSA (+59 82 60 41 414, info@procapital.pro) is acting as exclusive dealer manager for the exchange offer.

D.F. King Ltd. (+44 20 7920 9700, crediservicios@dfkingltd.com, https://sites.dfkingltd.com/crediservicios) has been appointed as the information agent and exchange agent for the offer.

The new notes are being issued only to Regulation S noteholders.

Credivalores is a non-bank financial institution in Colombia focused on providing underbanked segments of the population access to consumer credit and microinsurance through loan products.

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