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