Mastellone continues Argentine comeback

Plaza de Mayo, Buenos Aires
By Oliver West
26 Jun 2014

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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