Findep announces the pricing of its US$200 million in Senior Notes due 2019 at 7.500%
NEW YORK, May 28, 2014 /PRNewswire/ -- Financiera Independencia, S.A.B. de C.V. SOFOM, E.N.R., (BMV: FINDEP; OTC: FNCRY), (FINDEP or the "Company") a leading microfinance lender to lower income groups and individuals in Mexico, announces the pricing, at a coupon rate of 7.500%, of its US$200 million Senior Notes ("the Notes"), to be issued pursuant to exemptions from registration under the U.S. Securities Act of 1933, as amended.
The Notes will mature on June 3, 2019 and may be redeemed at the option of the Company on or after June 3, 2017 at the applicable redemption price. Interest on the Notes will be payable semi-annually. The Company intends to use the proceeds to pay the consideration for its tender offer and consent solicitation relating to its previously issued notes due 2015, to repay certain indebtedness and, to the extent of any remaining proceeds, for general corporate purposes.
Noel Gonzalez Cawley, Executive Vice-President of FINDEP, commented: "Once again, we are grateful to the investment community for its support and confidence in Financiera Independencia´s management team. The high level of demand from over 100 institutional investors in the Americas, Asia and Europe underscores the market's optimism on the Company's great progress under its new strategic framework of prioritizing loan portfolio quality and profitability over size, which has resulted in the lowest non-performing loan ratio in the Company's history. This placement is expected to allow us to improve the Company's indebtedness profile and service costs as we strive to continually affirm our position as a leading company in the individual loan microfinance sector in Mexico".
This press release is issued for information purposes only and shall not be considered as an offer to purchase or subscribe the Notes in Mexico, the United States of America or in any other jurisdiction. The documents under which the Notes are being offered have not been filed with, registered with, or approved by the Mexican National Banking and Securities Commission (Comision Nacional Bancaria y de Valores), the U.S. Securities and Exchange Commission, or any other governmental authority in any other jurisdiction.
The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About Financiera Independencia:
Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (FINDEP), is a microfinance lender of personal loans to individuals and working capital loans through group lending microfinance. FINDEP provides microcredit loans on an unsecured basis to individuals in the low-income segments in Mexico in urban and rural areas of both the formal and informal economy. As of March 31, 2014, FINDEP had a total outstanding loan balance of Ps.6,700.9 million, operated 561 offices in Mexico, Brazil, and the US and had a total labor force of 11,523 people. The Company listed on the Mexican Stock Exchange on November 1, 2007, where it trades under the symbol "FINDEP". On November 30, 2009 FINDEP launched a sponsored Level I American Depositary Receipt (ADR) program in the United States. Each ADR represents 15 shares of FINDEP common stock and trades over-the-counter (OTC). For more information: www.findep.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 FINDEP´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
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