Alcogal advised its long-standing client Promerica Financial Corporation (PFC) in connection with the issuance of senior secured notes due 2028 for US$225 million under Rule 144A / Regulation S of the securities market of the United States of America. BofA Securities, Inc. and J.P. Morgan Securities LLC acted as Initial Purchasers.
The notes were listed on the Luxembourg Stock Exchange and received an investment-grade credit rating from S&P, Moody´s and Fitch. Proceeds from the offering, which closed in September 2023, will be used to fund a tender offer to purchase for cash any and all of PFC´s outstanding 9.700% senior secured notes due 2024 and for general corporate purposes.
Partner Arturo Gerbaud led the Alcogal team, assisted by partners Rafael Marquinez, Rita de la Guardia, and associate Rafael Amar.