Brazil's Gafisa may seek loan to raise cash-IFR

SAO PAULO, Aug 11 (Reuters) - Brazilian real estate developer Gafisa (GFSA3.SA), which canceled a stock offering one month ago, may have to opt for a real-denominated loan with a group of banks as it struggles to raise cash, International Financing Review said on Tuesday, citing unidentified bankers.

Sao Paulo-based Gafisa sought to raise up to 700 million reais ($377 million) in a stock offering, but canceled it on July 13 because of concerns that investors would pay too little for its shares.

The bankers told IFR that the collapse of the share offering and a breach of debt covenant terms earlier in the year shut Gafisa from local bond markets. The company, which needs to raise 300 million reais, exceeded its 1-billion-real limit on the debt it holds, IFR said.

Gafisa's other option to raise cash through a bond sale would be to renegotiate all of its debt, reset covenant terms and pay more in interest to investors, IFR said.

Gafisa shares fell 2.2 percent to 22.39 reais in early afternoon trading.

A public relations officer for Gafisa could not comment immediately on the IFR story. IFR is a publication of Thomson Reuters. ($1=1.855 reais) (Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn)