Mastellone to swap $164.25 million 2021 notes for 2026 notes, cash

Chicago, June 29 – Argentina’s Mastellone Hermanos SA announced the expiration and final tender results for its exchange offer relating to its 12 5/8% series F notes due July 3, 2021 (Cusips: 57632PAU4 and P6460MAJ3), according to a press release.

The company was offering to exchange $162,750,139 principal amount, or 81.5%, of its $199,693,422 of 12 5/8% notes due 2021 for a combination of new 10.95% senior secured notes due 2026 and cash.

As of the expiration time of 11:59 p.m. ET on June 28, the company received tenders for $164,246,620 principal amount, or 82.25%, of the existing notes. As previously reported, $159,823,453 of the notes were tendered by the early tender date. After the early tender date, another $4,423,167 of the notes were tendered.

The company has waived the maximum tender amount to accept all tendered notes.

On the settlement date, the company expects to issue $110,866,214 principal amount of new notes and pay $64,973,103.81 cash consideration (a cash amount that includes the cash consideration, the early cash consideration and the accrued interest payment).

The early deadline was 5 p.m. ET on June 14, which was also the withdrawal deadline.

Global Bondholder Services Corp. (866 924-2200, 212 430-3774 or contact@gbsc-usa.com) is the exchange and information agent.

Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745), J.P. Morgan Securities LLC (212 834-7279 or 866 846-2874) and Santander Investment Securities Inc. (855 404-3636 or 212 940-1442) are the dealer managers.

Mastellone Hermanos is a dairy company based in Buenos Aires.

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