Mastellone Hermanos S.A.’s US$275.1 Million Notes Offering

Linklaters and Cibils, Labougle, Ibáñez advised Mastellone Hermanos S.A. on the deal. Cleary Gottlieb Steen & Hamilton and Bruchou, Fernández, Madero & Lombardi advised the dealer managers.

Mastellone Hermanos S.A. (“Mastellone”) made an exchange offer relating to its 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.

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 placing agent.

Mastellone is the largest dairy company and the leading producer of fresh dairy products in Argentina.

The Linklaters team was led by partner Conrado Tenaglia (Picture) and counsel Alejandro Gordano alongside counsel Matthew Brigham (Tax), associates Emma Cano and Vasudha Anil Kumar (Tax), and foreign attorney Juan Mata.

Cibils, Labougle, Ibáñez advised Mastellone Hermanos S.A. with a team including Joaquín Ibañez, Joaquín Labougle, Pamela Peralta Ramos, Jerónimo Gimenez Zapiola and Ignacio Tertzakian.

Cleary Gottlieb Steen & Hamilton advised the dealers with Andres de la Cruz,  Emilio Minvielle, Juan Ignacio Leguizamo and Lara Gómez Tomei and law clerk Carla Martini. Associates Michael Eis and Hunter McWinn provided tax advice.

In Argentina, Bruchou, Fernández, Madero & Lombardi advised the Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Santander Investment Securities Inc. and Banco Santander Río S.A. with Alejandro Perelsztein,  Leandro Belusci, Ramón Augusto Poliche and Josefina Reyes.

Involved fees earner: Leandro Belusci – Bruchou, Fernández Madero & Lombardi; Alejandro Perelsztein – Bruchou, Fernández Madero & Lombardi; Ramón Augusto Poliche – Bruchou, Fernández Madero & Lombardi; Josefina Reyes – Bruchou, Fernández Madero & Lombardi; Jerónimo Gimenez Zapiola – Cibils, Labougle e Ibañez Abogados; Joaquín Ibañez – Cibils, Labougle e Ibañez Abogados; Joaquín Labougle – Cibils, Labougle e Ibañez Abogados; Pamela Peralta Ramos – Cibils, Labougle e Ibañez Abogados; Ignacio Tertzakian – Cibils, Labougle e Ibañez Abogados; Andrés De la Cruz – Cleary Gottlieb Steen & Hamilton; Michael Eis – Cleary Gottlieb Steen & Hamilton; Lara Gómez Tomei – Cleary Gottlieb Steen & Hamilton; Juan Ignacio Leguízamo – Cleary Gottlieb Steen & Hamilton; Hunter McWinn – Cleary Gottlieb Steen & Hamilton; Emilio Minvielle – Cleary Gottlieb Steen & Hamilton; Vasudha Anil Kumar – Linklaters; Matthew Brigham – Linklaters; Emma Cano – Linklaters; Alejandro Gordano – Linklaters; Juan Mata – Linklaters; Conrado Tenaglia – Linklaters;

Law Firms: Bruchou, Fernández Madero & Lombardi; Cibils, Labougle e Ibañez Abogados; Cleary Gottlieb Steen & Hamilton; Linklaters;

Clients: Banco Santander Río S.A.; Citigroup Global Markets Ltd; JP Morgan Securities; Mastellone Hermanos S.A.; Santander Investment Securities Inc.;

Author: Martina Bellini