Crédito Real SAB de CV Sociedad Financiera de Objeto Múltiple ER said it priced a €350 million offering of senior notes due 2027 with a 5.00% semi-annual coupon.
The offering, which was carried out in the U.S., marks the Mexican company's first euro-denominated debt issuance and makes it the only company to offer a debt security denominated in this currency from Latin America in the last five years, according to a press release.
The issuance was oversubscribed 2.3x and the senior notes may be partially or fully settled from the third year after the placement.
Crédito Real plans to use the proceeds to repay a portion its outstanding 7.250% senior notes due 2023 and for general corporate purposes.
"This transaction will allow the company to extend its maturity profile and decrease its funding cost," Crédito Real said, noting that Barclays, BNP Paribas and Morgan Stanley acted as joint book runners for the offering.
