Cresud Shs Sponsored American Deposit Receipts Repr 10 Shs (NASDAQ:CRESY) Q4 2020 Earnings Conference Call - Final Transcript
Sep 30, 2020 • 01:00 pm ET
Matias I. Gaivironsky
million more for a three year tenure, at a rate of 2% fixed. So we are canceling debt, with a lower cost of interest for the company. There is a new event after we have been prepared ourselves to cancel the debt that expired in November, that you can see here in the line two, the $73.6 million that expired in November.
There is a new regulation of the Central Bank, that established that companies must refinance the principal maturities that expire between October and March 2021. So the Central Bank will only give access to cancel up to 40% or only will ask us to buy dollars at the official exchange rate to cancel up to 40% of the principal that happened during this period of time. We are one of the companies affected by this regulation. So we should present a plan to the Central Bank, in order to refinance the remaining 60% of the debt for a tenure of at least two years of average life. So we are working on that and we hope that we can reach an agreement with our creditors, in order to fulfill with the regulation.
With this, we finish the formal presentation. Now we will open the line to receive your questions.