Cleary Gottlieb counsels banks in Crédito Real $400m bond issue

Law firm Cleary Gottlieb’s New York City headquarters has acted for initial purchasers Morgan Stanley, Barclays Capital, Citigroup Global Markets and Goldman Sachs in a high-yield global bond offering by Mexican speciality finance company Crédito Real, comprising $400 million, 9.500 per cent senior notes due 2026, issued and sold by Crédito Real.

The global issuance 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.
 
Mexico City-based Crédito Real also has a presence in the United States, Costa Rica, Panama and Nicaragua, and focuses on consumer lending, focused primarily on payroll loans, durable goods loans, small business loans, group loans, used car loans and personal loans, offering products to the low- and lower middle-income segments of the population.

The New York-based Cleary team included partner Jorge Juantorena, associate Jessica Repond, and international lawyer Mariano Sierra.  Partner Erika Nijenhuis and associate David Maranjian provided tax advice.