Mabe Reaches 65% in Tender

Controladora Mabe has received acceptance from holders of $130m, or 65.22%, of its 2015 bonds in a tender offer, as of May 29, it says. The Mexican white goods manufacturer has also extended the offer’s early payment deadline from May 29 to match the June 11 final deadline. Mabe is offering to exchange the 6.5% 2015 bonds for new reopened 7.875% 2019s. It is offering $1,000 in the new bonds for each $1,000 tendered of the 2015s. 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.