Mastellone Hermanos' exchange offer for $225 million notes, $104 million bank debt to expire Tuesday

Pittsburgh, Oct. 15 - Pittsburgh, Sept. 15 - Mastellone Hermanos SA extended its exchange offer for $225 million of 11¾% notes due 2008 and $104 million of its unsecured bank debt to 5 p.m. ET Oct. 19, according to a company news release.

This will be the final extension of the exchange offer, as the company also received final approval of the Comision Nacional de Valores to issue notes under the offer after it expires on Oct. 14.

The company received acceptances for $217.3 million, or 97.66%, of the notes by the Oct. 14 deadline, the release said.

On Sept. 16, Mastellone Hermanos modified its exchange offer to allow creditors to choose from two options. The first offer is for $600 in cash for each $1,000 of existing debt. Option 2 gives holders $1,000 in either new 8% secured notes due 2012 or floating-rate notes due 2011 per $1,000 of existing debt.

The company will buy back up to $85 million of existing debt.

Banc of America Securities (888 292-0070 or 704 388-4813) is the dealer manager and solicitation agent of the offer and Bank of America NA, Sucursal Buenos Aires (011 4319-2600 in Argentina) is the manager and collection agent in Argentina.

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