Cresud S.A.C.I.F. y A. Announces Issuance of 3 Years USD 60 Million Global Note
BUENOS AIRES, Argentina, Sept. 6, 2011 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES) has announced the end of the subscription period of its Fourth Series Class VIII bond under Regulation S. ISIN:XS0673511423.
The issuance totaled USD 60 million at a semiannual fix rate of 7.5% bullet, maturing in 2014. The use of proceeds of this bond will be debt refinancing and general corporate purposes. It was rated B by Fitch.
Cresud issues this note despite widespread market volatility, this being the first fixed income issuance made by a Latin American agricultural company.
Cresud is a leading Argentine agricultural company with a growing presence in the Brazilian agricultural sector through its investment in BrasilAgro-Companhia Brasileira de Propriedades Agricola. Cresud is currently involved in a range of activities including crop production, cattle raising and milk production. Cresud's business model, which is being rolled out regionally in Latin America, taking into account the specific conditions of each country, focuses on the acquisition, development and exploitation of properties having attractive prospects for agricultural production and/or value appreciation and the selective disposition of such properties where appreciation has been realized.
Additionally, Cresud owns a 57.49% stake in IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BASE: IRSA), Argentina's largest, most well-diversified real estate company. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels.
SOURCE Cresud S.A.C.I.F. y A.