Financiera Independencia Announces Successful Bond Offering for US$200 million in the International Markets

MEXICO CITY, March 23 /PRNewswire-FirstCall/ -- Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (BMV: FINDEP) ("Independencia"), a leading Mexican microfinance lender of personal loans to lower income segment individuals and working capital loans through group lending microfinance, announced today that it successfully placed a 144A / Reg S US$200 million of senior guaranteed notes ("the Notes").

The Notes have a 5-year maturity and pay an annual interest rate of 10%. The Notes are rated BB- by both Standard & Poor's and Fitch. Net proceeds from the Notes Offering will be used mainly to reduce the amounts of outstanding under certain of our revolving credit lines and for general corporate purposes.

"This successful transaction, which constitutes the first international debt offering by a Microfinance institution in Latin America, will bring us one step closer to achieving our medium term goal of diversifying our funding sources so that no single institution represents more than 25 percent of the Company's funding," commented Noel Gonzalez, Financiera Independencia's Chief Executive Officer.

Bank of America Merrill Lynch and Morgan Stanley acted as joint bookrunners in this transaction.

This press release is for informational purposes only and shall not constitute an offer to purchase or a solicitation of an offer to purchase any of the Notes, or an offer to sell or solicitation of an offer to sell the Senior Notes. The tender offer is being made solely pursuant to the Notes Offering. 

About Financiera Independencia:

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (Independencia), is a Mexican microfinance lender of personal loans to individuals and working capital loans through group lending microfinance. Independencia provides microcredit loans on an unsecured basis to individuals in the low-income segments in Mexico in urban areas of both the formal and informal economy. As of December 31, 2009, Independencia had a total outstanding loan balance of Ps.4,812.3 million, operated 199 offices in 143 cities throughout 31 of Mexico's 32 federal entities and had a total labor force of 9,643 people. The Company listed on the Mexican Stock Exchange on November 1, 2007, where it trades under the symbol "FINDEP." On November 30, 2009 Independencia launched a sponsored Level I American Depositary Receipt (ADR) program in the United States. Each ADR represents 15 shares of Independencia common stock and trades over-the-counter (OTC) More information can be found at www.independencia.com.mx.

Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in Financiera Independencia's filings with the Mexican Stock Exchange. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.

SOURCE Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.