AlphaCredit Elects to Exercise Grace Period for Payment Due on Senior Notes due 2022
MIAMI, June 17, 2021 /PRNewswire/ -- Alpha Holding, S.A. de C.V., ("AlphaCredit" or the "Company"), a leading technology-enabled, financial services company, announced today that the Company has elected to exercise a 30-day grace period with respect to the USD$15 million cash interest payment due on June 19, 2021 with respect to its 10.0% Senior Secured Notes due in 2022 (the "Notes").
As a result, the Company will not make the coupon payment scheduled on June 19, 2021. An ad hoc group of holders of over 50% in principal amount of the Notes (the "Ad Hoc Group") has formed and has appointed financial and legal advisors that are engaged in dialogue with the Company. The Company expects to utilize the 30-day grace period to continue discussions with the Ad Hoc Group and its advisors.
Alpha Credit© is a technology-enabled, financial services company in Latin America that provides consumer loans to individuals and financial solutions for SMEs in Mexico and Colombia.
This release includes "forward-looking statements." Forward-looking statements are not statements of historical fact and reflect the Company's current views about future events. The words "believe," "estimate," "expect," "anticipate," "project," "will," "intend," "seek," "could," "should," "may," "potential" and similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Although the Company believes that its expectations reflected in forward-looking statements are reasonable and are based on reasonable assumptions, certain risks and uncertainties could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release. These risks and uncertainties include, without limitation, risks associated with our ongoing creditor discussions, including our ability to negotiate agreements with our creditors on commercially favorable terms or at all, limitations on the availability of capital, volatility in the Company's business, and the Company's ability to comply with its financial and other covenants and metrics in its financing agreements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by the Company, whether as a result of new information, future events, or otherwise. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities.