By Caroline Salls
Pittsburgh, Jan. 23 - Compania de Alimentos Fargo SA issued new notes under its Acuerdo Preventivo Extrajudicial on Tuesday, according to a company news release.
The APE also covers Panificacion Argentina SA.
As previously reported, under the APE, Fargo issued new 32-year notes to its "quirografarios" creditors.
Two classes of new notes were issued, one for financial and commercial creditors and one for holders of Fargo's existing notes.
In addition, Sanalp 2005 SL had an option to buy notes under the restructuring.
Specifically, the company issued $5.81 million of class 1 notes at par, including $3.99 million of series A notes and $1.82 million of series B notes, all due Jan. 20, 2041.
Interest will be 1% until Jan. 20, 2020; 1.5% from Jan. 21, 2020 to Jan. 20, 2021; 2% from Jan. 21, 2021 to Jan. 20, 2022; 2.5% from Jan. 21, 2022 to Jan. 20, 2023; 3% from Jan. 21, 2023 to Jan. 20, 2024; 3.5% from Jan. 21, 2024 to Jan. 20, 2025; 4% from Jan. 21, 2025 to Jan. 20, 2026; and 4.5% from Jan. 21, 2026 to maturity.
In addition, the company issued $134.87 million of class 2 notes at par, including $110.7 million of series A notes and $24.17 million of series B notes.
The maturity and interest on the class 2 notes is the same as the class 1 notes.
Fargo is a Buenos Aires-based producer and distributor of packaged bread and bakery products in Argentina. Its Chapter 11 case was dismissed by the U.S. Bankruptcy Court for the Southern District of New York on Oct. 12, 2007.
| Issuer: | Compania de Alimentos Fargo SA
|
| Issue: | Notes
|
| Maturity: | Jan. 20, 2041
|
| Price: | Par
|
| Interest: | 1% until Jan. 20, 2020; 1.5% from Jan. 21, 2020 to Jan. 20, 2021; 2% from Jan. 21, 2021 | to Jan. 20, 2022; 2.5% from Jan. 21, 2022 to Jan. 20, 2023; 3% from Jan. 21, 2023 to Jan. | 20, 2024; 3.5% from Jan. 21, 2024 to Jan. 20, 2025; 4% from Jan. 21, 2025 to Jan. 20, | 2026; and 4.5% from Jan. 21, 2026 to maturity
|
| Settlement date: | Jan. 20
|
|
|
| Class 1 notes
|
| Total amount: | $5.81 million
|
| Series A
|
| Amount: | $3.99 million
|
| Series B
|
| Amount: | $1.82 million
|
|
|
| Class 2 notes
|
| Total amount: | $134.87 million
|
| Series A
|
| Amount: | $110.7 million
|
| Series B
|
| Amount: | $24.17 million
|
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