Crédito Real seeks to align covenants as part of LM trade

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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