Credivalores Completes Senior Notes Offering, Tender Offer and Consent Solicitation

February 06, 2020

New York -- Paul Hastings LLP, a leading global law firm, announced today that it represented Credivalores – Crediservicios, S.A. in connection with an international bond offering and an intermediated tender offer. The offering involved the issuance of US$300 million of 8.875% Senior Notes due 2025 pursuant to Rule 144A and Regulation S. The underwriters involved were Credit Suisse, Morgan Stanley and BCP Securities.

Concurrently with the notes offering, Paul Hastings also represented Credivalores in connection with its intermediated tender offer for its outstanding 9.750% Senior Notes due 2022 (the “2022 notes”) issued in 2017, and the related consent solicitation to amend the provisions of the 2022 notes. The dealer-managers of the tender offer were Credit Suisse and Morgan Stanley. The intermediated tender offer is a novel way to solve certain accounting issues and involves the underwriters purchasing the early tendered bonds days before the closing of the senior notes.

Credivalores is the leading non-bank provider of consumer loans in Colombia, providing non-bank credit to customers throughout Colombia who otherwise have limited access to credit. Paul Hastings also represented Credivalores in its prior international bond offerings and all of its issuances of euro commercial paper under its Euro Commercial Paper Program.

Latin America practice partners Mike Fitzgerald and Arturo Carrillo led the Paul Hastings team, which also included partner Steven Sandretto, associate Eduardo Gonzalez and foreign associate Eduardo Menezes.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.