Argentina's Mastellone Hermanos completes restructuring exchange

By Caroline Salls

Pittsburgh, May 11 - Mastellone Hermanos SA has accepted restructuring consents from holders of $218 million of its existing debt, representing 97.9% of capital and interest, subject to the company's debt exchange offer, and it has completed the exchange, according to a news release.

Under the restructuring, the company said it:

• Exchanged $2.1 million of its series A-1 notes for $83.8 million in cash and $2.1 billion of new series A notes;

• Exchanged $152.3 million of its series A-2 notes for $6.5 million in cash, $136.9 million of new series A notes and $8.9 million in series D notes;

• Exchanged $2 million of its series B-2 notes for $200,000 in cash, $700,000 of new series B notes and $1.1 million of series D notes;

• Exchanged $5.6 million of series C notes for $200,000 in cash and $5.4 million of new series C notes;

• Exchanged $40.6 million of variable-rate loans for $4 million in cash and a new $36.6 million tranche A loan; and

• Exchanged $15 million of fixed-rate loans for $600,000 in cash and a new $14.4 million tranche B loan.

Mastellone Hermanos is a Buenos Aires food company.

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