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What is Unifin, the company that announced default and is in financial restructuring

What is Unifin and who owns it?

Unifin is registered with the National Banking and Securities Commission (CNBV) as a non-regulated multipurpose financial company (Sofom).

Unifin is dedicated to leasing, car lending and fleet management and also provides financing to small and medium-sized businesses. He has more than 29 years in the Mexican financial sector and since 2015 has been listed on the Mexican Stock Exchange (BMV).

The leases are for all types of machinery and equipment such as trucks including cars, trucks, helicopters, planes and boats, according to the company.

Rodrigo Lebois Mateos is the company’s founder and current chairman. He is responsible for the restructuring of the company.

Sergio Camacho Carmona is the general manager and Sergio Cancino Rodriguez is the general manager of administration and finance.

Payment of interest and debt capital

In March 2020, at the very beginning of the pandemic, Unifin formed an alliance with Google to launch its digital platform that sought to provide financing to small and medium-sized enterprises. The platform is called Uniclick and in the last two years has signed alliances with organizations such as Concamin and other startups such as Mambu.

Uniclick even stated in a statement the possibility of becoming a unicorn company, that is, a company with a value of more than 1,000 million dollars.

Fifteen days later and following the federal government’s announcement of National “Health Remote” Day, Unifin announced measures to protect the company such as a corporate telecommuting program for employees, as well as a reduction in lines of credit. At the time, the company said it was working with local banks to extend its credit lines to ensure business continuity.

The company’s shareholders approved it increase its capital by 2,520 million pesos with the issuance of 140 million shares at 18 pesos per share in June of the same year. The goal was to overcome the crisis and serve Mexican companies.

The company announced in January 2021 the hiring of three loans which in total amounted to 7,400 million pesos. The first was 4,000 million for 30 years with development banks (Bancomext) and two loans of 3,400 million with private banks.

also did a bond offering in bonds for $400 millionthe APR on this financing was 9.875% and the money, according to the company, would be used to pay down debt and the rest for “corporate purposes.”

Unifin reported that it requested a second loan — in May — now Citibanamexand an extension of your line of credit with Bancomext.

The private bank had the debt 3,000 million pesos for eight years and at Bancomext in 1 billion. He also announced a syndicated loan with Nomura of 44 million dollars. The company said this money would serve to continue financing Mexican small and medium-sized businesses, a sector that shrank during the pandemic.

A month later, in June 2021, Unifin boasted of its ability to access new sources of financing, now it did so with a syndicated unsecured loan for 67.5 million dollars same Barclays as a leading developer.

Unifin negotiated another credit of this type, in September, for 100 million dollars with Bladex, with a three-year validity period. “The resources obtained will be used to support Unifin’s growth and to optimize its growth trajectory and strengthen its financial position,” he said at the time. Not even a week had passed when the company announced another unsecured funding round 45 million dollars for five years.

The latter was achieved thanks to an investment fund called Eco-friendly business fund. The money would be used to promote responsible environmental and social practices in small and medium-sized enterprises in Mexico.

Unifin announced last January that it created a new position for its digital transformation department, and Fernando Jesús Boza González, a former leader in banks such as Sabadell, Banorte, Santander, BBVA and Caja Madrid, was the one who took the responsibility. The goal was to consolidate the growth of digital platforms.

Four new credit lines were also opened 2,700 million pesos. One thing with ResponsAbility Investments and with Proparco was the purpose of financing clean energy projects.

Prior to May, the financing was provided by Credit Suisse in the Cayman Islands and amounted to $500 million. The money would be used for debt restructuring and “corporate purposes.”

Unifin shares fall

After it was revealed that the company was entering a period of restructuring and that it would not be able to meet its obligations, the shares fell by more than 80%. The company wiped out 5,159 million pesos in market capitalization to be left with 1,165 million pesos.

At the start of 2022, Unifin’s stock was trading at 38 pesos, and as of Wednesday’s close, it stood at 3.05 pesos, according to Yahoo Finance.

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