Cresud Crosses Finish Line

Argentina’s Cresud priced its 3-year bonds in line with 7.5% guidance Friday generating a comfortable book size that met its needs. The $60m deal was priced at par and gave investors a 7.5% coupon and yield. Participating investors consisted of private banking clients, mostly from LatAm. The agribusiness and real estate company met fixed-income investors in Buenos Aires and Santiago, Chile making only one stop in Switzerland. Settlement falls on September 7. Cresud is involved in farming and livestock production as well as dairy operations. Proceeds will be used to refinance existing debt. As of March 31, the company had $167m in standalone debt of which 50% was short-term. The bonds have a B rating from Fitch.