Argentine real estate firm IRSA sells 7-yr bond, 8.75 pct coupon

viernes 18 de marzo de 2016 11:22 GYT

BUENOS AIRES, March 18 (Reuters) - Argentine real estate firm IRSA has sold a $360 million seven-year bond with an 8.75 percent coupon and a 9 percent yield, the company told market regulators on Friday.

The bond was issued by IRSA Commercial Properties, a unit of IRSA. In a letter to the Buenos Aires stock exchange, the company said the bond matures in March 2023.

Earlier this month IRSA said proceeds from the deal would finance the buyback of existing debt and could accelerate financing plans for shopping mall developments.

Business leaders anticipate borrowing costs will fall in coming months if the government wins congressional approval to seal a deal with creditors holding defaulted sovereign bonds.

The Senate still needs to approve the sovereign debt deal. The lower house, the Chamber of Deputies, approved it on Wednesday.

(Reporting by Jorge Otaola Editing by W Simon)