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Crédito Real closes notes offering worth $230M

Crédito Real SAB de CV Sociedad Financiera de Objeto Múltiple ER said it closed its offering of subordinated perpetual notes worth $230 million.

The notes bear interest at 9.125% rate per annum and are callable five years after the issue date and on every fifth anniversary thereafter.

The perpetual notes have been rated BB- and B+ by Fitch Ratings and S&P Global Ratings, respectively.

Net proceeds will be used for payment of fees and expenses incurred in connection with the offering, repayment of certain indebtedness and general corporate purposes.

UBS Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit Suisse Securities (USA) LLC acted as joint book-runners.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.