Argentina's IRSA plans to sell $150 million class 2 notes due 2020

By Caroline Salls

Pittsburgh, May 13 - IRSA Inversiones y Representaciones SA plans to sell up to $150 million of class 2 fixed-rate notes due 2020 under its $400 million global bond program, according to a company news release.

The company said it has board approval to sell up to $250 million of the class 2 notes.

Indications of interest will be accepted from May 13 to May 26.

The minimum subscription amount will be $2,000, and subscriptions can be made in $1,000 increments thereafter.

The principal agents are Citigroup Global Markets Inc., Banco Itau Europa, SA - London Branch and Santander Investment Securities Inc. The local agents are Citicorp Capital Markets SA, Banco Itau Argentina SA, Banco Santander Rio SA and Banco Hipotecario SA.

Fitch Argentina Calificadora de Riesgo SA has rated the notes AA- on a local scale and B on a global scale, and Standard & Poor's International Ratings, LLC has rated the notes raA- on its Argentine scale and B- on its global scale.

IRSA is a Buenos Aires-based real estate, shopping center and hotel company.

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