Mexican mortgage lender, Hipotecaria Su Casita, has unveiled a debt restructuring of about $632 million, The Wall Street Journal reports. The partially Caja Madrid-owned bank is offering to exchange $489.2 million in existing peso-denominated notes for $214.5 million in new seven-year guaranteed notes and shares for about 38.4% of its equity.
It is also offering to exchange around $138 million in outstanding dollar-denominated notes for $60 million in new 7.5% seven-year notes and up to 11.6% of its shares. The offers are conditional upon receiving the acceptance of at least 97% of bondholders and they can execute the swap until May 25.
Click here for the story from The Wall Street Journal.