BUENOS AIRES, Argentina,
July 7, 2017 /PRNewswire/ -- IRSA
Propiedades Comerciales S.A. ("IRSA CP") announced today the
launch of its global public offering of 14,000,000 newly-issued
common shares, par value Ps.1.00 per share, which will be
represented by American Depositary Shares ("ADSs") in the United States and other countries outside
Argentina through a group of
international underwriters and in Argentina by several placement agents pursuant
to a Spanish-language prospectus prepared for the Argentine
offering. In addition, 14,000,000 common shares are being offered
by IRSA Inversiones y Representaciones Sociedad Anónima ("IRSA") as
selling shareholder. The total number of common shares offered for
sale in the global offering is subject to reallocation between the
international and Argentine offerings. IRSA CP expects that the
common shares will be offered at a price between US$50.00 and US$60.00 per ADS or US$12.50 and US$15.00 per common share.
IRSA has granted an option to the international underwriters for
a period of 30 days following the date of pricing of the global
offering to purchase up to an additional 1,050,000 ADSs,
representing 4,200,000 common shares, at the public offering price
per ADS paid by investors in the global offering, minus
underwriting discounts and commissions, to cover over-allotments,
if any.
Additionally, IRSA's Board of Directors has authorized the
increase of the size of the offering in an amount up to 8,000,000
common shares (plus an option of an additional 1,200,000 common
shares to the international underwriters to cover over-allotments,
if any), depending on market conditions.
Prior to this offering, the public market for IRSA CP's common
shares and ADSs has been limited. IRSA CP's ADSs are listed for
trading on the NASDAQ Global Market and the common shares are
listed on Bolsas y Mercados Argentinos S.A. ("BYMA"), in each case,
under the symbol ''IRCP". On July 5,
2017, the closing price per common share on the BYMA was
Ps.240.00 and the closing price per ADS on the NASDAQ was
US$56.90.
IRSA CP intends to use the net proceeds received from this
global offering to: finance the growth of its business through the
development of commercial rental properties; develop, re-style and
expand existing commercial properties; to acquire new commercial
properties; to purchase additional land reserves; and for other
general corporate purposes. IRSA CP will not receive any proceeds
from the sale of shares or ADRs by IRSA, nor from the exercise by
the international underwriters of the over-allotment option granted
by IRSA.
A registration statement, including a prospectus, which is
preliminary and subject to completion, relating to these securities
has been filed with the U.S. Securities and Exchange Commission,
but has not yet become effective. These securities may not be sold,
nor may offers to buy be accepted, prior to the time that the
registration statement becomes effective, and, even then, the
securities may only be sold pursuant to the registration statement
and final prospectus. This press release shall not constitute an
offer to sell or a solicitation of an offer to buy these
securities, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
J.P. Morgan Securities LLC will act as the sole global
coordinator, Citigroup Global Markets Inc., Credit Suisse
Securities (USA) LLC and Itau BBA
USA Securities Inc. will act as
joint book-running managers and Banco BTG Pactual S.A.— Cayman
Branch will act as junior bookrunner. A copy of the preliminary
prospectus relating to the offering may be obtained from J.P.
Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY
11717, or by telephone at (866) 803-9204.
About IRSA CP
IRSA CP owns, develops and manages
commercial real estate properties, which consist primarily of
shopping malls and office buildings throughout Argentina. IRSA CP is currently the largest
owner and operator of shopping malls and one of the largest owners
of office buildings and other commercial properties in Argentina in terms of gross leasable area and
number of rental properties according to data published by the
Argentine Chamber of Shopping Malls. With several projects under
development, IRSA CP owns 16 shopping malls, with an aggregate
340,391 square meters of gross leasable area and 6 office
buildings, with an aggregate 77,252 square meters of gross
leaseable area as of March 31,
2017.
Forward-Looking Statements
This press release includes
certain disclosures which contain "forward-looking statements." You
can identify forward-looking statements because they contain words
such as "believes" and "expects." Forward-looking statements are
based on IRSA CP's current expectations and assumptions. Because
forward-looking statements relate to the future, they are subject
to inherent uncertainties, risks and changes in circumstances that
may differ materially from those contemplated by the
forward-looking statements, which are neither statements of
historical fact nor guarantees or assurances of future performance.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements are set
forth in IRSA CP's filings with the SEC, including IRSA CP's
registration statement on Form F-1, as amended from time to time,
under the caption "Risk Factors."
Contact
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IRSA Propiedades
Comerciales
S.A.
Moreno 877, Floor
22,
(C1091AAQ), Ciudad
Autónoma de Buenos Aires
Argentina
T (5411) 4344
4600
F (5411) 4814
7875
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IRSA Inversiones y
Representaciones Sociedad Anónima
Moreno 877, Floor 22,
(C1091AAQ), Ciudad
Autónoma de Buenos Aires
Argentina
T (5411) 4323
7400
F (5411) 4323
7480
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SOURCE IRSA Inversiones y Representaciones S.A.