Mexico's Financiera Independencia gets consents to amend 10% notes

By Marisa Wong

Madison, Wis., May 30 - Financiera Independencia, SAB de CV, Sofom, ENR said it received sufficient consents by the early tender deadline to amend its 10% senior guaranteed notes due 2015, which are unconditionally and irrevocably guaranteed by Financiera Finsol, SA de CV, Sofom, ENR and Apoyo Economico Familiar, SA de CV, Sofom, ENR.

As of 5 p.m. ET on May 29, holders had tendered $154,327,000 principal amount, or 79.6%, of the outstanding 10% notes, according to a press release.

The company said it intends to purchase all notes tendered by the early tender deadline, with settlement slated for June 3.

Also, the company intends to execute a supplemental indenture that eliminates substantially all of the restrictive covenants as well as various events of default and related provisions contained in the indenture governing the notes. Adoption of the proposed amendments required consents of holders of a majority in principal amount of the outstanding notes.

Holders who tendered their notes and delivered their consents by the early tender deadline will receive the total consideration of $1,078.22 for each $1,000 principal amount. The total consideration includes a $30 early tender payment.

Holders tendering after the early deadline will be eligible to receive $1,048.22 per $1,000 of notes.

The company also will pay accrued interest up to but excluding the settlement date. The final settlement date is expected to be the business day following the expiration of the offer.

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

The offer is subject to a financing condition, which is expected to be met on June 3 when the company completes a new offering of senior 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. The company began the offer on May 15.

© 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.