Chicago, Jan. 13 – Credito Real, SAB de CV priced $500 million of 8% notes due 2028 (BB/BB+) on Monday, according to a press release and information on the company’s investors relations page.
The notes are redeemable either in part or in whole starting on Jan. 21, 2025.
The Rule 144A and Regulation S notes will be used to partially refinance the company’s 2023 notes with a 7¼% coupon, expenses relating to the placement of the new notes and for general corporate purposes.
The notes were oversubscribed by 2.1x.
Credito Real is the first financial institution to access the debt markets since February 2020.
This is also the first issue under the company’s medium-term bond program for up to $1.5 billion.
Credito Real provides consumer financing. It is based in Mexico City.
| Issuer: | Credito Real, SAB de CV
|
| Issue: | Notes
|
| Amount: | $500 million
|
| Maturity: | 2028
|
| Coupon: | 8%
|
| Call option: | After Jan. 21, 2025
|
| Pricing date: | Jan. 11
|
| Settlement date: | Jan. 21
|
| Ratings: | S&P: BB
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
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