We Recently Acted as Counsel in Four Bilateral Loans Granted to Aeropuertos Argentina 2000 S.A.

Marval O’Farrell Mairal and Bomchil recently acted as counsel in four bilateral loans for a total aggregate amount in pesos equivalent to USD 11,000,000 granted to Aeropuertos Argentina 2000 S.A. (AA2000) by Banco de Galicia y Buenos Aires S.A.U. (Banco Galicia), the branch of Citibank N.A., established in Argentina (Citibank Argentina), Banco Santander Río S.A. (Santander Argentina) and Industrial and Commercial Bank of China (Argentina) S.A. (ICBC) (the Bilateral Loans).

The Bilateral Loans were granted for the purpose of refinancing the principal amortization payments due in February 2021 and payable by AA2000 (i) to Banco Galicia, Santander Argentina and ICBC, under an onshore credit facility entered into by and between AA2000, Banco Galicia, Santander Argentina and ICBC in 2019, as amended from time to time, and (ii) 40% of the principal amortization payment due in February 2021 payable to Citibank N.A. under an offshore credit facility entered into by and between AA2000 and said entity, as amended from time to time.

Likewise, as required pursuant to Argentine Central Bank Communique “A” 7106, 60% of the principal amortization payments due in February 2021 and payable by AA2000 to Citibank N.A. under the offshore credit facility has been refinanced for a 2-year term.

The Bilateral Loans are secured by the assignment in trust of the freight charges collected by AA2000 through Terminal de Cargas Argentina, a business unit of AA2000.

AA2000 has been the largest airport concessionaire in Argentina since 1998 and it has the right, under a Concession Agreement entered into with the Argentine Government, to use, operate, and manage 35 of the 54 airports in the Argentine airport system, including the two busiest airports in Argentina.

Marval O’Farrell Mairal acted as counsel to Banco Galicia, Citibank Argentina, ICBC, and Santander Argentina and Bomchil acted as counsel to AA2000.

These Bilateral Loans are part of a vast list of recent transactions of AA2000 in which Marval and Bomchil have acted as counsel, including the issuance of AA2000’s notes in 2017 and their exchange offer in 2020 against the backdrop of the COVID-19 pandemic, the Initial Public Offering of the shares of Corporación América Airports S.A., parent company of AA2000, the granting of certain credit facilities to AA2000 in 2019, and their refinancing in 2020 (which occurred simultaneously with the exchange offer), and the latest local Argentine issuance of AA2000 0% notes due in 2022.

Participating counsel:

Argentina:

Marval O’Farrell Mairal acted as counsel to Banco Galicia, Citibank Argentina, ICBC and Santander Argentina, through a team led by partner Roberto E. Silva, assisted by associate Agustín López Roualdès.

Bomchil acted as counsel to AA2000, through a team led by partners Patricio Martin and María Victoria Funes assisted by associate Luciano Zanutto.