Euro Commercial Paper Program
In 2013, aiming to diversify our unsecured sources of funding and access the international capital markets, we launched our ECP Program with a maximum authorized amount of US$150 million. As of March 31, 2018 we have successfully completed 14 issuances under our ECP Program with both existing and new investors in a cumulative aggregate principal amount of US$267 million.
| Tranche | Issuance Date | Matyrity Date | Tenor (years) | Amount Issued (US$) | Outstanding Amount (US$) | Coupon | ISIN |
|---|---|---|---|---|---|---|---|
| First Tranche EMTN | 30 - jul - 13 | 30 - jul - 14 | 1 | US$ 10.000.000 | - | 8.50% | XS0956446354 |
| ECP Programa | - | - | - | - | - | - | - |
| I Tranche | 19 - ago - 14 | 20 - ago - 15 | 1 | US$ 20.000.000 | - | 8.50% | XS1099989151 |
| II Tranche | 11 - dic - 14 | 15 - dic - 15 | 1 | US$ 20.000.000 | - | 7.75% | XS1152090863 |
| III Tranche | 23 - abr - 15 | 25 - oct - 16 | 1.5 | US$ 15.000.000 | - | 9.00% | XS1217911020 |
| IV Tranche | 2 - sep - 15 | 02 - mar - 17 | 1.5 | US$ 30.000.000 | - | 8.25% | XS1285167943 |
| V Tranche | 10 - sep 15 | 10 - mar - 17 | 1.5 | US$ 3.500.000 | - | 8.25% | XS1290655759 |
| VI Tranche (reop.) | 21 - dic -15 | 21 - jun - 17 | 1.5 | US$ 12.000.000 | - | 8.00% | XS1335416597 |
| VI Tranche (reop.) | 26 - feb - 16 | 21 - jun - 17 | 1.3 | US$ 3.000.000 | - | 8.00% | XS1335416597 |
| VII Tranche | 18 - abr - 16 | 18 - oct - 17 | 1.5 | US$ 14.000.000 | - | 8.25% | XS1397031466 |
| VIII Tranche | 19 - oct - 16 | 24 - oct - 17 | 1 | US$ 22.500.000 | - | 8.00% | XS1506068375 |
| IX Tranche | 22 - mar - 17 | 22 - sep - 18 | 1.5 | US$ 45.000.000 | - | 8.25% | XS1580293089 |
| X Tranche | 22 - mar - 17 | 22 - sep - 18 | 1.5 | US$ 12.000.000 | - | 3.25% | XS1580300470 |
| X Tranche (reop) | 09 - may - 17 | 22 - sep - 18 | 1.4 | US$ 10.000.000 | - | 8.25% | XS1580293089 |
| XI Tranche | 10 - may - 17 | 10 - mar - 19 | 1.4 | US$ 25.000.000 | - | 8.25% | XS1608157365 |
| XII Tranche | 20 - nov - 17 | 20 - may - 20 | 2.1 | US$ 35.000.000 | US$ 35.000.000 | 8.25% | XS1721765854 |
| XIII Tranche | 18 - abr - 18 | 18 - abr - 21 | 3 | US$ 40.000.000 | US$ 40.000.000 | 8.25% | XS1810132495 |
| XIV Tranche | 13 - dic - 19 | 13 - jun - 21 | 1.5 | US$ 15.000.000 | US$ 15.000.000 | 8.50% | XS2093706898 |
| US$ 322.000.000 | US$ 90.000.000 |
International Bonds (144 A / Reg S)
On July 27, 2017 Credivalores-Crediservicios issued its inaugural 144 A / Reg S senior unsecured bond in the international capital markets for an amount of US$250 million due in 2022. Then, in February 2018, Credivalores reopened this bond for an additional US$75 million. In February 2020, Credivalores issued a new bond in the international capital markets for US$300 million due in 2025.
Below you will find the general conditions of the outstanding bond issuances:
9.75% Bond due July 27, 2022
| Issuer | Credivalores- Crediservicios S.A. |
| Ranking | Senior Unsecured |
| Credit Rating | B+ (S&P) / B+ (Fitch) |
| Format | 144 A / Regulation S |
| Principal Issued | US$325 Million |
| Principal Outstanding | US$170.3 Million |
| Structure / Maturity | 5NC3 / 27 de JulioJulyde 2022 |
| Coupon | 9.75% (30/360) / Semi-annual |
| Yield / Price | 10% / 99.035 |
| Optional Redemtion | Make Whole T + 50bps prior to July 27, 2020 / $104.875 on and after July 27 / 2020 $102.438 on and after July 27, 2021 |
| Use of Proceeds | Refinancing of existing indebtedness (including mostly secured debt) and general corporate purposes |
| Minimum Denomination | US$200.000 x US$1.000 |
| Settlement Date | July 27, 2017 |
| Listing | Singapur Stock Exchange |
| Governing Law | New York |
| Joint Bookrunners | Credit Suisse y BCP Securities |
| Paying agent and trustee | The Bank of New York |
| ISIN | 144 A US22555LAA44 / Reg S USP32086AL73 |
| CUSIP | 144A 22555L AA4 / Reg S P32086 AL7 |
8.875% Bond due February 7, 2025
| Issuer | Credivalores- Crediservicios S.A. |
| Ranking | Senior Unsecured |
| Credit Rating | B (S&P) / B+ (Fitch) |
| Format | 144 A / Regulation S |
| Principal | US$300 Millones |
| Structure / Maturity | 5NC3 / February 7, 2025 |
| Coupon | 8.875% (30/360) / Semi-annual |
| Yield / Price | 9% / 99.505 |
| Optional Redemption | Make Whole T + 50bps prior to February 7, 2023 / $104.438 on and after February 7 / 2023, $102.219 on and after February 7, 2024 |
| Use of Proceeds | Proceeds were used to pay Credit Suisse for the exchange of 2022 Senior Notes purchased by Credit Suisse in connection with the Tender Offer. The remaining funds were used for repayment of debt and general corporate purposes. |
| Minimum Denomination | US$200.000 x US$1.000 |
| Settlement Date | February 7, 2020 |
| Listing | Singapore Stock Exchange |
| Governing Law | New York |
| Joint Bookrunners | Credit Suisse and Morgan Stanley |
| Co-Manager | BCP Securities |
| Paying agent and Trustee | The Bank of New York |
| ISIN | 144 A US22555LAB27 / Reg S USP32086AR44 |
| CUSIP | 144A 22555L AB2 / Reg S P32086 AR4 |
