Aeropuertos Argentina 2000 – Corporate Liability Management of the Year

Latin Finance recognized “Aeropuertos Argentina 2000” as “Corporate Liability Management of the Year” at the 2020 Deals of the Year Awards, which highlights outstanding transactions as well as the people and institutions that made them happen.

Marval O’Farrell Mairal, through its partner Roberto E. Silva and associates Agustina Ranieri and Agustín López Roualdès, participated in the exchange of Aeropuertos Argentina 2000 S.A.’s (AA2000) outstanding 6.875% Senior Secured Notes due in 2027 in the original aggregate principal amount of U.S.$ 400,000,000, originally issued in 2017, for newly issued 6.875% Cash/9.375% PIK Class I Series 2020 Additional Senior Secured Notes due in 2027.

“Aeropuertos Argentina 2000 S.A.’s financings have involved complex guarantee structures based on the nature of the business and the concession, which forces us to come up with creative solutions under pressure which, once again, have proven to be successful in meeting both the companies financing needs and the creditors needs,” said our partner Roberto E. Silva.

The exchange had a high level of participation amongst holders, receiving tenders for U.S.$ 346,934,000 aggregate original principal amount, representing approximately 86.73% of the total original principal amount of the original issuance. On May 20, 2020, AA2000 issued and exchanged an aggregate principal amount of U.S.$ 306,000,066 of the new Notes.

The new Notes issued by AA2000 are secured by the same collateral as the Notes tendered for exchange (i.e. the assignment in trust of airports use fees and other service fees collected by AA2000).

The exchange offer was launched by AA2000 against the backdrop of the coronavirus (COVID-19) pandemic, which has severely affected national and international air traffic, thus affecting AA2000’s financing requirements.

Bomchil, Beccar Varela, Mayer Brown, Greenberg Trauring, Alston & Bird also assisted in this deal.