Credivalores offers to exchange 2023, 2024 notes for notes due 2028

Chicago, Dec. 11 – Colombia’s Credivalores-Crediservicios SA (Credivalores) started an exchange offer for two series of notes on Friday, according to an offer document.

The issuer is offering to exchange any and all of existing series notes due in 2023 and 2024 for new 10% notes due in 2028.

The exchange offer covers the $15 million outstanding 12½% notes due 2023 (ISIN: XS2549503352) and the $16,612,232 outstanding 13% notes due 2024 (ISIN: XS2598649684).

There are minimum acceptance amounts: $14.25 million for the 2023 notes and $15,781,620 for the 2024 notes.

The exchange consideration is new notes on a one-to-one basis plus capitalized interest.

The offer ends at 11 a.m. ET on Dec. 18.

Settlement will follow promptly and is expected for Dec. 20.

The purpose of the exchange offer is to improve the issuer’s financial condition, extend the debt maturity profile, improve cash flow management, enhance the issuer’s ability to satisfy debt obligations and maintain loan origination.

ProCapital SBSA is the exclusive dealer manager for the exchange offer (+59 82 60 41 414, info@procapital.pro).

D.F. King & Co., Inc. is the information and tender agent for the offer (+44 20 7920 9700, crediservicios@dfkingltd.com, https://sites.dfkingltd.com/crediservicos).

The new notes are being issued only to Regulation S noteholders.

Credivalores is a non-bank financial institution in Colombia focused on providing underbanked segments of the population access to consumer credit and microinsurance through loan products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.