Financiera Independencia Announces Successful Closing of Ps.1,500 Million Medium Term Certificados Bursatiles
MEXICO CITY, May 17, 2011 /PRNewswire/ -- Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (BMV: FINDEP; OTC: FNCRY) ("Independencia" or the "Company") a leading Mexican microfinance lender of personal loans to lower income segment individuals and working capital loans through group lending microfinance, today announced that it successfully placed Ps.1,500 million aggregate principal amount of Certificados Bursatiles ("the Notes").
The Notes are unsecured, have a 3-year maturity and pay an interest rate equivalent to TIIE 28 days plus 265 basis points. The notes were rated A(mex) by Fitch Ratings and HR A by HR Ratings.
Net proceeds will be used to increase the Company's loan portfolio, make capital expenditures related to expanding its distribution network, pay down debt and for general corporate purposes. The Notes were the first tranche of a Ps.2,000 million Certificados Bursatiles program with a 5-year maturity filed with the Comision Nacional Bancaria y de Valores in Mexico.
The coordinator and bookrunner of the Notes was Actinver, Casa de Bolsa, S.A. de C.V., Grupo Financiero Actinver.
The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), or under any U.S. state securities laws. The Notes may not be offered or sold within the United States or to U.S. persons absent registration or an applicable exemption from registration under the Securities Act. This press release is neither an offer to sell or a solicitation to buy. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of these securities in any U.S. state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer and that will contain detailed information about the company and management, as well as financial statements.
About Financiera Independencia:
Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (Independencia), is a Mexican microfinance lender of personal loans to individuals and working capital loans through group lending microfinance. Independencia provides microcredit loans on an unsecured basis to individuals in the low-income segments in Mexico in urban areas of both the formal and informal economy. As of March 31, 2011, Independencia had a total outstanding loan balance of Ps.6,561.7 million, operated 470 offices in Mexico, Brazil, and the US and had a total labor force of 10,460 people. The Company listed on the Mexican Stock Exchange on November 1, 2007, where it trades under the symbol "FINDEP". On November 30, 2009 Independencia launched a sponsored Level I American Depositary Receipt (ADR) program in the United States. Each ADR represents 15 shares of Independencia common stock and trades over-the-counter (OTC). More information can be found at www.findep.mx
SOURCE Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.
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