Mabe Launches Liability Management

Controladora Mabe has launched an offer to exchange its existing 6.5% 2015 bonds for new reopened 7.875% 2019s, it says. The Mexican white goods manufacturer is offering $1,000 in the new bonds for each $1,000 tendered of the 2015s prior to a May 29 early deadline and $950 per $1,000 after. The offer expires June 11. Bank of America Merrill Lynch is managing the process. The 2015 bonds were sold in 2005 for $200m. The 2019s to be reopened in the operation were originally sold in 2009, for $350m, through BAML and HSBC.