Shearman & Sterling represented Mastellone Hermanos S.A. (the “Company”) in connection with a Rule 144A/Reg. S offering of its $199,693,422 12.625% Series F Notes due 2021 (the “Series F Notes”). Deutsche Bank Securities Inc. and Merrill, Lynch Pierce, Fenner & Smith Incorporated acted as initial purchasers.

Concurrent with the notes offering, the firm also represented Mastellone Hermanos on its exchange offer to exchange any and all of its outstanding Series A Collateralized Senior Refinancing Notes due 2018 (the “Series A Notes”) and Series C Senior Refinancing Notes due 2018 (the “Series C Notes”) for the Company’s Series F Notes, as well as a cash tender offer for any and all of its outstanding Series A Notes, Series C Notes, Series B Collateralized Senior Refinancing Notes due 2018, Series D Collateralized Senior Refinancing Notes due 2015, Collateralized Refinancing Fixed Rate Debt due 2018 and Collateralized Refinancing Floating Rate Debt due 2015.

Mastellone Hermanos, based in Buenos Aires, Argentina, has been actively engaged in the dairy industry for more than 80 years. The company processes and distributes a broad line of fresh dairy products, including fluid milk, cream and butter, as well as long-life dairy products, including cheese, powdered milk and dulce de leche.

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