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Mastellone Hermanos amends and extends exchange
New York, May 10- Mastellone Hermanos SA said it has amended and extended its exchange offer for its $225 million 11¾% notes due 2008 and $104.1 million of bank debt.
The offer will now expire at the earlier of 9 a.m. ET on the day after it receives the necessary approvals from the Comisión Nacional de Valores de Argentina or 11:59 p.m. ET on May 21.
As with the previous extension, the Buenos Aires, Argentina, company said it is extending the offer because it has not yet received the necessary approvals from the Comisión Nacional de Valores de Argentina to issue new bonds.
Under the offer as amended, holders now have a floating-rate option. They will receive either:
* $600 per $1,000 principal amount of existing debt or the equivalent in Argentinean pesos or euros; or
* $1,000 of new floating-rate debt per $1,000 principal amount, or its equivalent in Argentinean pesos or euros; or
* $1,000 of new 7% bonds due 2014 per $1,000 principal amount, or its equivalent in Argentinean pesos or euros; or
All amounts include a $100 per $1,000 early tender payment, or the equivalent in Argentinean pesos or euros.
After the early tender date, the payments will be either $500 or $900 of new debt.
The new debt will mature in 2014 and carry a 7% coupon.
As of 5 p.m. ET on May 7, Mastellone Hermanos had received tenders of $128.3 million of existing debt.
Mastellone Hermanos is also soliciting consents to an acuerdo preventivo extrajudicial (APE) under Argentinean law and consents to modify the indenture of the 11¾% notes to eliminate essentially all the restrictive covenants and events of default.
Banc of America Securities LLC is dealer manager and solicitation agent for the offer (888 292-0070 or 704 388-4813) and Bank of America NA, Sucursal Buenos Aires is the manager and agent in Argentina (011 4319-2600).
D.F. King & Co. is the information agent in New York (212 269-5550) and Greenwich Investments in Argentina (2320 400-555).
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