Elektra Unit Nears Money Transfer Securitization

Intra Mexicana plans to raise up to MXP3bn ($224m) though a domestic securitization, scheduled for May 10. The 2019 floating-rate bonds are backed by receivables of money transfer fees done under the Dinero Express brand. The proceeds will be used to fund the acquisition of payday lender Advance America by Grupo Elektra and for general corporate purposes. Actinver, Ixe and Value are managing the transaction, rated AA minus on a national scale. Intra Mexicana, an electronic money transfer company operating under the brand name Dinero Express, started operations in 1996 and began to expand in Latin America in 2003.