Cresud Aims for $290m in Equity Tap

Argentine real estate company Cresud aims to sell ADS and local shares worth up to $290m Tuesday. The issuer is conducting a rights offering whose supply is expected to spill over into the hands of new investors too, say bankers on the deal. The company finalized its submission period for ADS March 13, while holders of Buenos Aires-listed common stock have until tomorrow to put in their requests. Common shares are being offered at ARP5.37 while ADS, each of which represents 10 common shares, are $16 apiece, according to Dealogic. Cresud is using part of the funds to up its stake in IRSA, in which it owns a controlling stake. Citi, Deutsche and Raymond James are leading the deal. Separately, Citi is heard to have provided Cresud with a bilateral loan, though size and use of proceeds are unclear.