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
, 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),
'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
. 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.