Mexico's Credito Real sets talk in 8% area for $300 million five-year notes; pricing Thursday

By Christine Van Dusen

Atlanta, March 6 - Mexico's Credito Real SAB de CV, Sofom, ENR set initial talk in the 8% area for its $300 million offering of five-year notes, a market source said.

The notes are expected to price on Thursday.

Barclays, BofA Merrill Lynch and Credit Suisse are the bookrunners for the Rule 144A and Regulation S deal.

The notes come with three years of call protection.

The proceeds will be used for general corporate purposes, to fund a tender offer of its 2015 senior notes and to repay debt.

The tender offer and consent solicitation for the company's outstanding 10¼% senior notes due 2015 began last month.

The total purchase price will be $1,095 per $1,000 of notes tendered by 5 p.m. ET on March 10, the early tender date.

The total amount includes an early tender payment of $30 per $1,000 of notes.

The tender offer will end at midnight ET on March 24, with early settlement set for March 13.

Credito Real is a Mexico City-based consumer financing services company.

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