By Rebecca Melvin
New York, Sept. 27 – Credito Real, SAB de CV, Sofom and ENR priced €350 million 5% long seven-year notes at 99.251 to yield 5 1/8%, according to a market source.
The notes will be guaranteed by Credito Real SA and Creal Nomina, SA de CV.
They are non-callable for three years, and then callable in 2022 at 102.5, in 2023 at 101.25, and in 2024 and thereafter at par.
There is a change-of-control put at 101.
The proceeds are earmarked to pay the consideration for the partial tender offer of the $625 million 7¼% senior notes due 2023 and for general corporate purposes.
Barclays, BNP Paribas (billing and delivery) and Morgan Stanley are listed as the stabilization managers.
The stabilization period begins on Sept. 26 and ends Oct. 31.
Credito Real provides consumer financing. It is based in Mexico City.
| Issuer: | Credito Real SAB de CV, Sofom, ENR
|
| Guarantors: | Credito Real SA and Creal Nomina, SA de CV
|
| Amount: | €350 million
|
| Maturity: | Feb. 1, 2027
|
| Description: | Notes
|
| Bookrunners: | Barclays, BNP Paribas (billing and delivery) and Morgan Stanley
|
| Coupon: | 5%
|
| Price: | 99.251
|
| Yield: | 5 1/8%
|
| Calls: | Non-callable for three years, then callable in 2022 at 102.5, in 2023 at 101.5 and in 2024 and thereafter at par
|
| Change-of-control put: | Yes, at 101
|
| Trade date: | Sept. 26
|
| Settlement date: | Oct. 1
|
| Distribution: | Rule 144A and Regulation S
|
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