Mexico's Financiera Independencia tenders for 10% notes due 2015

By Susanna Moon

Chicago, May 15 - Financiera Independencia, SAB de CV said it began a tender offer and consent solicitation for its $193,887,000 of outstanding 10% senior guaranteed notes due 2015.

The notes are unconditionally and irrevocably guaranteed by Financiera Finsol, SA de CV.

The total purchase price will be $1,078.22 for each $1,000 principal amount of notes tendered by 5 p.m. ET on May 29, the early tender date.

The total amount includes a $30 early payment for each $1,000 principal amount.

Those who tender after the early tender deadline will receive $1,048.22 per $1,000 of notes.

The company also will pay accrued interest up to but excluding the settlement date.

The tender offer will end at midnight ET on June 12.

Tendered notes may be withdrawn by the date of the supplemental indenture execution, according to a company press release.

Concurrently with the tender offer, the company is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants, as well as events of default and related provisions.

The proposed amendments require the consents of holders of a majority of the outstanding notes.

Barclays (800 438-3242 or 212 528-7581 collect), HSBC Securities (USA) Inc. (888 HSBC-4LM or 212 525-5552 collect) and BCP Securities, LLC (203 629-2181) are the dealer managers.

D.F. King & Co., Inc. (800 859-8508, 212 269-5550 collect or findep@dfking.com) is the information agent and the tender agent.

Financiera Independencia is a microfinance lender based in Pena Blanca Santa Fe, Mexico.

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