Source: PR Newswire.
Original press release available online.
MEXICO CITY, August 17 – Banco Compartamos, S.A., Institucion de Banca Multiple (“Compartamos” or “the Bank”) (BMV: COMPARTO) informs that the Bank issued Ps. 1,000 million in the local debt capital markets, as a result of the reopening of the Local Bank Bond issuance, (‘Certificados Bursatiles Bancarios’), COMPART 09; this amount will be added to the Ps. 500 million issued on July 20, 2009 to total Ps. 1,500 million. This issuance has a tenor of 3 years at an interest rate of TIIE plus 200 pbs. The Local Bank Bonds, COMPART 09, obtained a credit rating from Standard & Poors of “mxAA-” and “AA- (mex)” from Fitch Ratings. The proceeds will be used to (i) finance portfolio growth, (ii) restructure short-term maturities, and (iii) strengthen Compartamos’ liquidity position.
The reopening of COMPART 09 took place to meet additional market demand following the Company’s second quarter 2009 financial results.
COMPART 09 reinforces the Bank’s solid financial position and liquidity, while reaffirming Compartamos’ ability to access various funding sources to meet the Bank’s expected growth in the coming years.
Banco Compartamos, S.A., a Mexican bank specialized in microfinance, is the largest lender to microbusiness owners in Latin America. Established in 1990 and headquartered in Mexico City, Compartamos provides small loans to low-income Mexican individuals and business owners, such as craft manufacturers, food vendors and other small businesses. With nationwide coverage, Compartamos works with local and international lenders to secure financing to these market segments, which are currently underserved.
Banco Compartamos shares began trading on the Mexican Stock Exchange on April 25, 2007 under the ticker symbol “COMPART”. For more information about Compartamos or the aforementioned issuance of Local Bank Bonds please visit www.compartamos.com.
Note on Forward-Looking Statements
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates,” “believes,” “estimates,” “expects,” “plans” and similar expressions, as they relate to the company, are intended to identify forward- looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
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