Crédito Real’s $400 Million Notes Offering


Skadden, Jones Day, Alemán, Cordero, Galindo & Lee, Cleary Gottlieb Steen & Hamilton and Ritch, Mueller, Heather y Nicolau advised on the transaction

The offering consisted of $400 million 9.5% senior notes due 2026 issued and sold by Crédito Real, and was conducted as a private placement under Rule 144A of the Securities Act of 1933 and outside of the United States in reliance on Regulation S. The issuance priced on January 31, 2019 and is expected to close on February 7, 2019.

Morgan Stanley & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc., and Goldman Sachs & Co. LLC acted as initial purchasers on the high-yield global bond offering.

Crédito Real is a leading specialty finance company in Mexico with presence in the United States, Costa Rica, Panama, and Nicaragua. The company focuses on consumer lending and has a diversified and scalable business platform focused primarily on payroll loans, durable goods loans, small business loans, group loans, used-car loans, and personal loans. It offers products to the low- and lower middle-income segments of the population, which historically have been underserved by other financial institutions.

Skadden advised Crédito Real, S.A.B. de C.V., Sofom, E.N.R. with Alejandro González Lazzeri (Picture), Pamela Lawrence Endreny, Alejandro Ascencio, Abigail E. Friedman and Alejandra Huerta Gutiérrez.

Jones Day advised Crédito Real, S.A.B. de C.V., Sofom, E.N.R. with Carlos Alberto Sámano Cruz, Diana Torres, Jesús Pérez and Jimena Kuri.

In Panama, Alemán, Cordero, Galindo & Lee advised Crédito Real, S.A.B. de C.V., Sofom, E.N.R. with Eloy Alfaro and Rita de la Guardia.

Cleary Gottlieb Steen & Hamilton advised Morgan Stanley & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC. with Jorge U. Juantorena, Erika W. Nijenhuis, Jessica C. Repond, David A. Maranjian and Mariano Sierra.

Ritch, Mueller, Heather y Nicolau advised the initial purchasers with Luis Nicolau Gutiérrez, Javier Barrera Gazcón and Luis Alonso.

Involved fees earner: Eloy Alfaro – Alemán, Cordero, Galindo & Lee; Rita de la Guardia – Alemán, Cordero, Galindo & Lee; Jorge Juantorena – Cleary Gottlieb Steen & Hamilton; David Maranjian – Cleary Gottlieb Steen & Hamilton; Erika Nijenhuis – Cleary Gottlieb Steen & Hamilton; Jessica Repond – Cleary Gottlieb Steen & Hamilton; Mariano Sierra – Cleary Gottlieb Steen & Hamilton; Luis Alonso – Clifford Chance; Jesús Pérez – Jones Day; Carlos Alberto Sámano Cruz – Jones Day; Diana Torres – Jones Day; Javier Barrera Gazcon – Proskauer Rose LLP; Luis Nicolau Gutiérrez – Ritch, Mueller, Heather y Nicolau, SC; Alejandro Ascencio – Skadden Arps Slate Meager & Flom; Abigail Friedman – Skadden Arps Slate Meager & Flom; Alejandro Gonzalez Lazzeri – Skadden Arps Slate Meager & Flom; Pamela Lawrence Endreny – Skadden Arps Slate Meager & Flom;

Law Firms: Alemán, Cordero, Galindo & Lee; Cleary Gottlieb Steen & Hamilton; Clifford Chance; Jones Day; Proskauer Rose LLP; Ritch, Mueller, Heather y Nicolau, SC; Skadden Arps Slate Meager & Flom;

Clients: Barclays Capital; Citigroup Global Markets Ltd; Credito Real, S.A.B. de C.V.; Goldman, Sachs & Co.; Morgan Stanley;