Unifin gives early results on exchange offer for three note series

By Taylor Fox

New York, Feb. 3 – Mexico’s Unifin Financiera, SAB de CV gave early 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.

As of the 5 p.m. ET Feb. 2 early participation date, the following old notes were tendered for exchange, listed by order of acceptance priority level:

• None of the $200 million outstanding 7% senior notes due 2022 (Cusip: 90471MAB8). The consideration is $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), all of which were accepted for exchange. The consideration is $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

• $54,536,000 of the $442.55 million outstanding 7% senior notes due 2025 (Cusip: 90470TAB4), $48,325,000 of which were accepted for exchange. The consideration is $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.

Unifin expects to issue $126,095,000 of new notes in exchange for the accepted early tendered notes. Settlement will be on Feb. 4.

Notes tendered may no longer be withdrawn.

The offer will expire at 11:59 p.m. ET on Feb. 17.

As previously reported, the old notes will 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 previously increased from 9%. Unifin also amended the call prices of the new notes.

In addition, Unifin issued $400 million of new 9 7/8% senior notes due 2029 under a separate offering on Jan. 28. The new notes will be consolidated and form a single series with the notes issued under the exchange offer.

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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