Mastellone’s Debt Restructuring

June 30, 2021

Cleary Gottlieb represented Citigroup Global Market Inc., J.P. Morgan Securities LLC, and Santander Investment Securities Inc., as dealer managers, in an offer launched by Mastellone Hermanos S.A. (Mastellone) to exchange its 12.625% Series F notes due 2021 for its newly issued 10.95% senior secured notes due 2026, plus certain cash consideration.

The exchange offer launched on June 1, 2021, and expired on June 28, 2021, with the participation of 82.25%, or $164.2 million, of the aggregate principal amount of the existing notes, and an aggregate principal amount of $110.9 million of new notes were issued. The issuance of the new notes closed on June 30, 2021.

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