Raghsa's Notes Offering and Liability Management Transaction
March 30, 2017
Cleary Gottlieb represented Raghsa S.A. in its offering of Rule 144A/Regulation S $100 million 7.25 percent notes due 2024 and a liability management transaction consisting of an exchange offer of its $57,888,000 8.50 percent notes due 2021 existing notes for new notes.
The new notes offering priced on March 15 and closed on March 21. The exchange offer settled on March 30. Approximately $18,971,000 of existing notes were exchanged for $19,729,840 of new notes under the terms of the exchange offer.
A portion of the net proceeds from the offering of new notes for cash were applied to purchase a construction site in the City of Buenos Aires on which a new real estate project will be developed. Raghsa is a leading Argentine real estate development company.