Crédito Real seeks to align covenants as part of LM trade

Adobe, mexico, peso, gold, silver, coins, LatAm, FX, currency, Mexican peso, 575
By Oliver West
07 Jan 2021

Mexican non-bank lender Crédito Real began investor calls on Wednesday as it looks to take advantage of highly liquid bond markets to partially refinance a bond maturing in 2023, and simultaneously align the covenant packages on all of its senior unsecured bonds.

BNP Paribas, Goldman Sachs, Santanderand SMBC are bookrunners on BB/BB+ rated Crédito Real’s proposed bond, which was announced on Wednesday alongside a tender offer for up to $215m of the company’s $427m of 7.25% 2023s.

The new bond, which will have an “intermediate” maturity and ...

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