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UncategorizedBruchou advised on the international exchange offer and notes issuance of Mastellone Hermanos

July 1, 2021

Bruchou, Fernández Madero & Lombardi acted as advisors in Mastellone Hermanos’ International Exchange Offer

 

On July 31, 2021, Mastellone Hermanos S.A. , the largest dairy company and the leading producer of fresh dairy products in Argentina, successfully concluded an exchange offer relating to Mastellone’s 12.625% Series F Notes due 2021 (“Existing Notes”) for newly issued 10.95% Senior Secured Notes 2026 (“New Notes”), plus certain cash consideration. An aggregate principal amount of US$164.2 million, representing 82.25% of the aggregate principal amount of Existing Notes, were tendered in the exchange offer, and an aggregate principal amount of US$110.9 million of New Notes were issued.

The New Notes are listed on the Argentine Mercado Abierto Electrónico S.A.

Application has been made to have the New Notes listed on the Luxembourg Stock Exchange for trading on the Euro MTF market and listed on Bolsas y Mercados Argentinos S.A.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc. acted as dealer managers, and Banco Santander Río S.A. acted as local placement agent.

Legal advisors of dealer managers y colocador local:
Bruchou, Fernández Madero & Lombardi

Partner Perelsztein, Alejandro and associates Belusci, Leandro ExequielPoliche, Ramón Augusto and Reyes, Josefina.

Bruchou advised in Mastellone Hermanos’ notes issuance

 

In addition, On July 25, 2021, Mastellone Hermanos S.A. issued notes for a total amount equivalent to US$45,000,000: Class H Notes, denominated in US Dollars, subscribed and payable in Argentine Pesos (dollar-linked); and Class I Notes, denominated in UVA, subscribed and payable in Argentine Pesos. The issuance was carried out under the company’s Global Program for the issuance of simple short, medium and/or long-term Notes, not convertible into shares, for a maximum outstanding amount of up to US$500 million (or its equivalent in other currencies and/or units of value).

  • Class H Notes will be due on December 25th, 2023, accruing interest at a fixed nominal annual rate of 5.50%, and amortizing their capital in one single payment on the expiration date.
  • Class VIII Notes will be due on June 25th, 2024, will accrue interest at a fixed nominal annual rate of 4.39% and will amortize their capital in one single payment on the due date.

Both Classes of Notes have been admitted for listing on Bolsas y Mercados Argentinos S.A. and authorized for trading at Mercado Abierto Electrónico S.A. The issuance was rated by Moody’s Local AR as “A.ar”.

Banco de Galicia y Buenos Aires S.A.U., Banco Itaú Argentina S.A. and Banco Santander Río S.A. acted as arranges and placement agents (the “Arrangers and Placement Agents”) and Balanz Capital Valores S.A.U., Facimex Valores S.A., Itaú Valores S.A., Puente Hnos. S.A., and TPCG Valores S.A.U. acted as placement agents (the “Placement Agents”, and jointly with the Arrangers and Placement Agents, the “Agents”)

 

Legal advisors of Agents:
Bruchou, Fernández Madero & Lombardi

Partner Perelsztein, Alejandro and associates Belusci, Leandro ExequielPoliche, Ramón Augusto and Reyes, Josefina.

Otras operaciones relevantes en las que participamos

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Ing. Enrique Butty 275, Piso 12. C1001AFA, Buenos Aires, Argentina.
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