Chicago, Aug. 17 – Promerica Financial Corp. listed $225 million of 10¾% senior secured notes due 2028, according to an offering document.
The notes priced at 99.058.
The notes are initially callable with a Treasuries plus 50 basis points make-whole premium. Starting Aug. 14, 2025, the notes are callable at 105.375, then in 2026 at 102.688 and at par in 2027 and thereafter.
The joint bookrunners for the Rule 144A and Regulation S offering were BofA Securities, Inc. and J.P. Morgan Securities LLC.
Proceeds are being used to fund the company’s tender offer and for general corporate purposes, including funding potential growth opportunities.
Promerica is a holding company for a network of commercial banks operating across Central and South America and the Caribbean. The company is based in Panama.
| Issuer: | Promerica Financial Corp.
|
| Amount: | $225 million
|
| Issue: | Senior secured notes
|
| Maturity: | Aug. 14, 2028
|
| Bookrunners: | BofA Securities, Inc. and J.P. Morgan Securities LLC
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | Hunton Andrews Kurth LLP
|
| Counsel to underwriters: | Milbank LLC
|
| Coupon: | 10¾%
|
| Price: | 99.058
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Aug. 14, 2025; 105.375 starting in 2025, 102.688 starting in 2026 and par starting in 2027
|
| Change of control: | At 101
|
| Trade date: | Aug. 14
|
| Settlement date: | Aug. 15
|
| Ratings: | S&P: B+
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| ISIN: | US74348BAB71, USP7922BAB47
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