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Argentina's Cresud to sell Ps. 70 million of notes in two classes
By Caroline Salls
Pittsburgh, July 6 - Cresud SA Comercial Inmobiliaria Financiera y Agropecuaria plans to sell up to Ps. 70 million of notes at par, including Ps. 35 million of class III variable-rate 21-month notes and Ps. 35 million of class IV fixed-rate 24-month notes, according to a news release.
The placement period began Tuesday and will run to July 16.
The minimum subscription amount will be Ps. 1,000. After that, the notes can be purchased in Ps. 1 increments.
The variable-rate notes will accrue interest at the Badlar rate plus a margin to be announced.
Proceeds will be used to repay debt and for working capital.
Fitch Argentina Calificadora de Riesgo SA has rated the notes A.
BACS Banco de Credito y Securitizacion SA and Banco Hipotecario SA are the principal placement agents. BACS is also the bookrunner.
Cresud is a Buenos Aires-based agricultural company.
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