Cleary Gottlieb advised initial purchasers Citigroup Global Markets, Credit Suisse Securities and BCP Securities in the debut debt offering by Unicomer Group.
Unicomer Group is an international retail group headquartered in El Salvador. The company operates several chains of retail brands in the consumer durables sector across Latin America and the Caribbean. It operates 1000 stores across the region, including some in Texas and New York.
The transaction consisted of a bond offering of $350 million 7.875% Senior Notes due 2024 issued and sold by Unicomer Group, and guaranteed by several subsidiary guarantors. The offering 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 transaction priced on March 20, 2017 and is expected to close on March 27, 2017. The proceeds of the offering will be used to repay short- and long-term loans, and the remainder, if any, for general corporate purposes.
Partner Jorge Juantorena led the Cleary Gottlieb team acting for the banks.