Mexico's Hipotecaria Su Casita gets consents needed to amend 8½% notes

By Angela McDaniels

Seattle, Oct. 24 - Hipotecaria Su Casita, SA de CV, Sociedad Financiera de Objeto Limitado said it had received tenders and consents for $111.71 million, or 74.48%, of its $150 million outstanding 8½% senior notes due 2016 as of the consent deadline.

The consents will allow the company to eliminate some covenants in the note indenture and related events of default.

The consent deadline was 5 p.m. ET on Oct. 23, and the tender offer will expire at midnight ET on Nov. 6.

The company said it will pay 105.5% of par plus accrued interest to the settlement date, which is expected to be Nov. 7. The payout includes a 3% consent fee for notes tendered by the consent deadline.

To fund the tender offer, Hipotecaria Su Casita plans to use proceeds from a new issue of senior unsecured floating-rate notes due 2012 in the form of certificados bursatiles.

The tender offer is conditioned on the receipt of sufficient financing from the certificados bursatiles and satisfaction of the other conditions.

Merrill Lynch, Pierce, Fenner & Smith Inc. (888 654-8637 or 212 449-4914) is dealer manager, and Global Bondholder Services Corp. (866 794-2200 or bankers and brokers call collect at 212 430-3774) is the depositary and information agent.

Hipotecaria Su Casita is a Mexico City-based mortgage finance company.

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