CRESUD Exchange Offer Series XXIV

Rhea-AI Summary

Cresud S.A.C.I.F. y A. (NASDAQ: CRESY) announced an exchange offer for Series XXIV Notes totaling USD 73.6 million, maturing on November 14, 2020, in response to restrictions from the Argentine Central Bank on foreign currency access. The offer includes the issuance of new Series XXXI and XXXII Notes, each accruing interest at a fixed rate of 9.00% per annum. The exchange offer closes on November 5, 2020, with settlement on November 11, 2020. Existing note holders can exchange their notes or receive cash for part of the principal.

Positive

• Exchange offer for Series XXIV Notes may provide liquidity for the company.
• Issuance of new Series XXXI and XXXII Notes demonstrates ongoing funding initiatives.

Negative

• Restriction on foreign currency access may signal broader economic challenges.
• The company's reliance on debt instruments could lead to increased financial vulnerability.

BUENOS AIRES, Argentina, Oct. 26, 2020 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), leading Argentine agricultural company, informs that according to Resolution "A" 7106 of the Central Bank of the Argentine Republic that restricts access to the Foreign Exchange Market to purchase US dollars for the payment of foreign currency-denominated debt securities principal maturing between October 15, 2020 and March 31, 2021, the Company announces the beginning of the exchange offer process for Series XXIV Notes for an amount of USD 73.6 million, maturing on November 14, 2020 and the issuance of two new Series of Notes (the "Exchange Offer").

SERIES XXXI DOLLAR-DENOMINATED NOTES, ACCRUING INTEREST AT A FIXED NOMINAL RATE OF 9.00% PER ANNUM AND MATURING 3 YEARS AFTER THE DATE OF ISSUE AND SETTLEMENT, TO BE AMORTIZED ON AN ANNUAL BASIS, IN A PRINCIPAL AMOUNT UP TO USD 44,163,240 (UNITED STATES DOLLARS FOURTY-FOUR MILLION ONE HUNDRED SIXTY-THREE THOUSAND TWO HUNDRED FOURTY) (THE "SERIES XXXI NOTES" OR "SERIES XXXI"), TO BE PAID IN KIND BY TENDERING FOR EXCHANGE THE OUTSTANDING SERIES XXIV NOTES, ACCRUING INTEREST AT A FIXED RATE OF 9.00% PER ANNUM, MATURING ON NOVEMBER 14, 2020 (THE "EXISTING NOTES"), INCLUDING REPAYMENT OF PRINCIPAL AMOUNT OF EXISTING NOTES TO BE TENDERED FOR EXCHANGE (AS DEFINED HEREINBELOW) IN CASH IN UNITED STATES DOLLARS OF AT LEAST 40% OF THE AMOUNT OF EXISTING NOTES TO BE TENDERED FOR EXCHANGE.

SERIES XXXII DOLLAR-DENOMINATED NOTES, ACCRUING INTEREST AT A FIXED NOMINAL RATE OF 9.00% PER ANNUM AND MATURING 24 MONTHS AFTER THE DATE OF ISSUE AND SETTLEMENT, IN A PRINCIPAL AMOUNT UP TO USD 44,163,240 (UNITED STATES DOLLARS FOURTY-FOUR MILLION ONE HUNDRED SIXTY-THREE THOUSAND TWO HUNDRED FOURTY) (THE "SERIES XXXII NOTES" OR THE "SERIES XXXII", AND JOINTLY WITH SERIES XXXI, THE "NOTES"), TO BE PAID IN KIND BY TENDERING FOR EXCHANGE THE EXISTING NOTES.

The Exchange Offer closing date will be November 5, 2020 and settlement will take place on November 11, 2020. Early bird for Series XXXII ends on October 30, 2020.

The Exchange Offer, the Notes and all the documents related to the Exchange Offer shall be governed by and construed in accordance with the laws of Argentina.

Dealers
BACS Banco de Crédito y Securitización S.A.   Tucumán 1, 19th Floor, "A", City of Buenos Aires, Argentina		Banco Hipotecario S.A.   Reconquista 151, City of Buenos Aires, Argentina		Banco de Galicia y Buenos Aires S.A.U.   Tte. Gral. Juan Domingo Perón 407, City of Buenos Aires, Argentina	Banco Santander Río S.A.   Av. Juan de Garay 151, City of Buenos Aires, Argentina		AR Partners S.A.   Arenales 707, 6th Floor, City of Buenos Aires, Argentina
Banco de la Provincia de Buenos Aires   San Martin 108, City of Buenos Aires, Argentina	Balanz Capital Valores S.A.U. Av. Corrientes 316, 3rd Floor, Office 362, City of Buenos Aires, Argentina		Puente Hnos. S.A.     Tucumán 1 14th Floor, City of Buenos Aires, Argentina			Bull Market Brokers S.A.   Bouchard 680 8th Floor, City of Buenos Aires, Argentina		SBS Trading S.A.   Av. Eduardo Madero 900, 19th Floor, City of Buenos Aires, Argentina

For more information, refer to the Issue Prospectus, Supplemental Offering Memorandum and Subscription Notice, available in the company´s website www.cresud.com.ar

Investor Relations Department.
CRESUD S.A.C.I.F.y.A
+ 5411 4323-7449
ir@cresud.com.ar 
www.cresud.com.ar 

Follow us on Twitter @ircresud

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SOURCE Cresud S.A.C.I.F. y A.