UPDATE 1-Argentine real estate firm IRSA wants to be first with new bond

martes 8 de marzo de 2016 16:37 GYT

(Adds company confirmation of issuance, expectations for sale and future financing opportunities)

By Jorge Otaola

BUENOS AIRES, March 8 (Reuters) - Argentine real estate firm IRSA will sell a new international seven-year bond worth up to $360 million to finance the buyback of existing debt and could accelerate financing plans for shopping mall developments if rates are attractive, the company said on Tuesday.

Chief Financial Officer Matias Gaivironsky said he would kick off a road show in the United States on Wednesday and that meetings would also be held with investors in European capitals ahead of a planned sale on March 17.

The bond will be issued by IRSA Commercial Properties , a unit of IRSA which owns and operates some of the capital Buenos Aires' biggest shopping malls, to buy back debt maturing in 2017 and 2020.

"We're not sure what rate we'll pay. We'll have a better idea after talking with investors," Gaivironsky said in an interview.

Business leaders anticipate borrowing costs will fall in the months ahead after Argentina reached a deal with creditors holding defaulted sovereign bonds, paving the way for an end to the government's festering 14-year legal fight with bondholders.

Lawmakers still need to approve the sovereign debt deal.

"We see growing investor interest and demand in Argentina. We want to be the first corporate bond to hit the market," Gaivironsky said, moments before the government's debt deal cleared its first hurdle in Congress.   Continuación...