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Tenders for Crédito Real's notes repurchase offer reach $198.1M

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Tenders for Crédito Real's notes repurchase offer reach $198.1M

Crédito Real SAB de CV Sociedad Financiera de Objeto Múltiple ER said it accepted for repurchase about $198.1 million worth of 7.250% senior notes due 2023 as part of a cash tender offer that expired Oct. 9.

The amount accounted for 66.0% of the maximum tender offer and 31.7% of the total outstanding principal amount of the notes.

Of the total, about $196.3 million were validly tendered before the offer's early tender deadline on Sept. 25, while about $1.8 million were tendered thereafter.

Holders of the late tendered notes will receive $1,036.25 for each $1,000 principal amount of the notes plus accrued interest.

About $426.9 million of the notes will remain outstanding following the settlement of the bonds, which is expected to happen Oct. 11.