Mexarrend Announces the Refinancing of the Bond Maturing on October 2022

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Sep 14, 2022, 09:30 ET

MEXICO CITY, Sept. 14, 2022 /PRNewswire/ -- Mexarrend, leader in developing alternative credit solutions in Latin America, announces that it has received the final approval of a credit line with Banco Azteca for $600 million pesos, backed by Real Estate collateral. The Company is in the process of final documentation, and the disbursement is planned for the next couple of weeks. Thus, Mexarrend concludes the successful refinance of its October 2022 bond maturity.

Additionally, as previously disclosed, the Company has been using its committed warehousing facilities with Credit Suisse and HSBC over the last weeks and is planning additional disbursements using its existing portfolio originated over the last months. The abovementioned, demonstrates the effectiveness of these committed financing structures for the growth plans of the Company, maintaining a healthy balance sheet structure and continued access to financing in the market. In parallel, Mexarrend is working on the second disbursement with the U.S. International Development Finance Corporation ("DFC") during October.

Just as in the past year, Mexarrend remains active in its Lending-as-a-Service business, with planned transactions for September and a solid pipeline during the fourth quarter of 2022. This allows positive cash flow transactions for the Company, generating fee-business and diversifying its revenue mix.

Mexarrend has a healthy financial position and has demonstrated its strength and access to financing during turbulent times. The Company is focused on growing its portfolio and financial solutions, strengthening its position as a leader in alternative financing for SMEs and promoting financial inclusion in Mexico and the region.

About Mexarrend

Mexarrend, S.A.P.I. de C.V., has grown to become one of the largest independent leasing (asset-based lender) companies in Mexico in the last 25 years. The Company specializes in offering financing solutions to rapidly growing and underserved small and medium-sized enterprises ("SMEs") for the acquisition of productive assets and equipment to support growth. Mexarrend provides reliable and competitive funding sources through its four main products: capital leases, financing, operating leases, and renting.

Tangelo Contact: [email protected]

SOURCE Mexarrend, S.A.P.I. de C.V.