Findep trades 8% notes due 2024 for 10% notes due 2028

Chicago, July 3 – Financiera Independencia, SAB de CV, Sofom, ENR (Findep) announced the final results of an exchange offer for investors outside of Mexico that started on Jan. 24, 2023, according to multiple notices.

Noteholders tendered for exchange $104.15 million of their existing notes, or 64.43% of the principal amount of notes outstanding.

At the early deadline, noteholders tendered $92,545,000, or 57.25%, of the notes.

The company offered to exchange any and all of its 8% bonds due 2024 (Cusip: 31770BAC2) for 10% step-up senior notes due 2028.

The interest will step up to 12% on March 1, 2026.

The new notes are guaranteed by Apoyo Economico Familiar, SA de CV, SOFOM, ENR and Apoyo Financiero, Inc.

Early tendering holders were due to receive $800 in new step-up notes and $210 in cash. Holders who tendered after the early deadline would have received $800 in new notes and $200 in cash. However, at the early deadline the company announced it was extending the full consideration.

Interest was paid in cash to the settlement date, March 1.

The early expiration time was Feb. 3, 2023.

The expiration time was 5 p.m. ET on Feb. 17.

Simultaneously, the company was conducting a consent solicitation for certain amendments to eliminate all restrictive covenants and certain events of default and related provisions.

Exchanging holders were deemed to have delivered consents.

The company said it obtained the requisite consents in the consent solicitation.

The company offers lending and insurance products to underserved Hispanic communities in North America.

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