Mastellone extends exchange deadline

Mastellone extends exchange deadline

Bonds

Mastellone Hermanos has extended until June 25 the early tender deadline for an exchange offer. The liability management exercise calls for the issuance of a new $200m 2021 bond, which is set to carry a coupon of at least 12%. The exact yield will be decided on June 26, the Argentine dairy producer said in a statement. The new bond had been given expected ratings of CCC+ by Standard & poor’s and B- by Fitch. But S&P downgraded the company on Wednesday, to CCC-, following a similar move on the so

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