Cresud Looks for mid-7s

Cresud is out with official guidance of 7.5% area for a new $60m 3-year RegS-only bond, falling in line with earlier mid-7% whispers. The Argentine agribusiness and real estate company is to wrap up fixed-income investor meetings in Santiago, Chile today, with pricing expected today or tomorrow. Cresud may have some name recognition, but it remains to be seen if a single B credit can price in a market that is less than receptive to high-yield names. Cresud is raising funds to refinance its debt and for general corporate purposes. Itau is sole lead on the sale. Cresud has a presence in Argentina, Brazil, Bolivia and Paraguay, and also has a 57.49% stake in IRSA, a commercial real estate firm. In July 2010, IRSA issued a $150m 11.5% 2020 to yield 11.875%. Leads on that issue were Citi, Itau and Santander.