Mastellone continues Argentine comeback

Amid critical times for Argentina’s status in debt capital markets, dairy company Mastellone Hermanos brought the country its fourth international issuer since 2012 with a bond that, though small, bankers on the deal claimed was a landmark.
CCC-/B- rated Mastellone priced a $200m seven year non-call four bond at par with a coupon of 12.625% on Thursday in conjunction with an exchange offer for its outstanding 2018s. The company is understood to have raised $125m of new money, with the remainder coming from existing bondholders
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