Cleary Gottlieb counsels Unifin on $128m exchange offer
Cleary Gottlieb has represented Unifin Financiera S.A.B. de C.V. (Unifin) in its exchange offer for $128 million
The New York office of Cleary Gottlieb has assisted Unifin in its offer to exchange new 9.875% senior notes due 2029 (new notes), for its outstanding 7.000% senior notes due 2022, 7.250% senior notes due 2023 and 7.000% senior notes due 2025 (existing notes). The exchange offer launched on January 20, 2021, and was subject to a $200 million limit on the aggregate principal amount of new notes to be issued. On February 2, 2021, Unifin elected to exercise its early settlement option. On February 4, 2021, Unifin issued and delivered approximately $127 million of new notes to holders of existing notes accepted for exchange.
The exchange offer expired on February 17, 2021, and an additional $1.5 million aggregate principal amount of new notes were issued and delivered to holders on February 19, 2021, the final settlement date. The exchange offer was conducted concurrently with an offering of new notes for cash. New notes offered and sold as part of the notes offering amounted to $400 million. The total amount of new notes outstanding after the notes offering and the exchange offer is approximately $530 million.
The dealer managers in the exchange offer were Barclays, Citigroup, Goldman Sachs, Banco BTG Pactual, Santander and Scotia Capital.
Unifin is a Mexican publicly traded company that specializes in leasing, factoring, and car and commercial loans. Founded in 1993, it is the fourth-largest financial institution in terms of market share and loans to small- and medium-sized enterprises in Mexico.
The Cleary Gottlieb team that advised Unifin in the exchange offer was led by Corporate partner Jorge Juantorena (pictured left) and Capital Market partner Manuel Silva (pictured right). Other advisers included associates Susan Levinson and Brayan Acevedo, and international lawyer Gabriela Gallo. Partner Jason Factor, senior attorney David Fisher, and associate Alexander Cadmus provided Tax advice. All lawyers are based in New York.
