Credito Real wraps tenders for $3 million more 10¼% notes due 2015

By Susanna Moon

Chicago, March 25 - Credito Real, SAB de CV said investors had tendered $183.7 million, or 87.48%, of its outstanding 10¼% senior notes due 2015 by the end of the offer at midnight ET on March 24.

The company planned to settle the notes tendered after the early deadline on March 25, according to a press release.

Of the total amount tendered, $180.7 million, or 86.06%, of the notes had been tendered by 5 p.m. ET March 10, the early tender date, as previously announced.

The company received the needed tenders and consents by the early deadline to amend the notes and executed a supplemental indenture to eliminate the company's obligation to comply with substantially all of the covenants, remove some events of default and shorten the minimum notice period to holders required for a redemption to six business days from 30 days prior to the redemption date, with an additional minimum notice of three business days to the trustee.

The supplemental indenture became operative when the company purchased the early tendered notes on March 13.

As previously announced, the total purchase price was $1,095 per $1,000 of notes tendered by the consent deadline. The total amount included an early tender payment of $30 per $1,000 of notes.

Those who tendered after the early deadline will receive the total payment less the early amount.

The company also will pay accrued interest.

The tender offer was conditioned on closing of $350 million of 7½% senior notes due 2019.

Barclays (212 528-7581 collect or 800 438-3242) and BofA Merrill Lynch (646 855-8988 collect or 888 292-0070) were the dealer managers and solicitation agents. D.F. King & Co., Inc. (800 431-9645 or banks and brokers may call collect at 212 269-5550) was the tender agent and information agent.

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

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