Marval O’Farrell Mairal participated in the granting of a syndicated bimonetary loan in favor of AA2000

Marval O'Farrell Mairal and Bomchil recently participated in the granting of a syndicated bimonetary loan for a committed principal amount equivalent to AR$ 3,600,000,000 plus U$S 58,000,000 in favor of Aeropuertos Argentina 2000 S.A. 

On November 18, 2021 Aeropuertos Argentina 2000 S.A. (“AA2000”) conveyed with Industrial and Commercial Bank of China (Argentina) S.A.U. (“ICBC”), Banco de Galicia y Buenos Aires S.A.U. (“Banco Galicia”), Banco Santander Río S.A. (“Banco Santander”) and the Citibank Argentina Branch (“Citibank Argentina” and together with ICBC, Banco Galicia and Banco Santander, the “Banks”), a bimonetary syndicated loan for a committed principal amount equivalent to AR$ 3,600,000,000 plus U$S 58,000,000 which may be disbursed in Pesos or U.S. dollars, at the option of each Bank, as set forth in the framework agreement entered into by AA2000 and the Banks on October 26, 2021 (the “Loan”). 

The proceeds of the Loan will be used by AA2000 to repay in full the principal amounts owed by AA2000 to the Banks pursuant to: (i) the onshore loan entered into between AA2000, ICBC, Banco Galicia and Banco Santander; (ii) the offshore loan entered into between AA2000 and Citibank N.A.; and (iii) the bilateral loans in Pesos granted by the Banks to AA2000. 

The Loan is secured by the AA2000’s Cargo Trust, by means of which AA2000 fiduciary assigned: (i) the freight airport charges for import and export services received by AA2000 through Terminal de Cargas Argentina, a business unit of AA2000, and (ii) any residual right that AA2000 has as final beneficiary of the trust settled to guarantee certain notes issued by AA2000. 

AA2000 is the largest airport concessionaire in Argentina since 1998 and is entitled –under a Concession Agreement with the Argentine Government– to use, operate and manage 35 of the 54 airports of the Argentine airport system, including two of the busiest airports in Argentina. 

It is worth mentioning that this is one more transaction of AA2000 in which Bomchil and Marval O’Farrell Mairal have participated as advisors, in addition to an extensive list including the issuance of the Series 2017 notes by AA2000 in 2017 and their exchange in 2020 in the context of the COVID-19 pandemic, the initial public offering of the shares of Corporación America Airports S.A. –the controlling entity of AA2000–, the granting of certain loans to AA2000 in 2019 and its refinancing (which will take place soon); the exchange of the Existing Notes for Series 2021 Additional Notes; the execution of a framework refinancing agreement of the loans owed by AA2000 and the issuance of two series of Notes issued by AA2000 on November 4, 2021.

Advisors to Aeropuertos Argentina 2000 S.A. 

Bomchil acted as legal advisor in Argentina through its partners Patricio Martin and María Victoria Funes and their associates Luciano Zanutto and Emir Faita. 

Advisors to the Banks 

Marval O'Farrell Mairal served as legal advisor in Argentina of the Banks, with a team led by the partner Roberto E. Silva, assisted by the associates Pablo H. Lapiduz and Mauro Dellabianca.