Cresud will offer cash and new bonds in exchange for $73.6 mln in notes maturing in November

Cresud, one of Argentina’s largest agriculture companies, launched an invitation to holders of its 9% dollar-denominated bonds due this November to exchange them for cash and new bonds with longer maturities, as capital controls prevent it from making the payment on time. The company offer to exchange $44.2 million of the $73.6 million in existing bonds for two new notes paying the same interest in an invitation open from October 26 to November 5, according to a securities filing. One of the new notes will mature in three years, the other in two, adding that the additional 40% of the money will pay back in cash.

Source: Latinfinance.com