Marval one of the law firms to advise in granting of two credit agreements to Aeropuertos Argentina 2000 for USD 120,000,000
Marval, O’Farrell & Mairal, Bomchil and Estudio Beccar Varela acted as counsel in Argentina in the granting of two loans for a total aggregate amount of USD 120,000,000 to Aeropuertos Argentina 2000 SA (AA2000), while Linklaters, Greenberg Traurig, and Hinckley, Allen & Snyder acted as US counsel. The loans were instrumented via: (i) an offshore credit facility agreement, under which Citibank, N.A. -acting through its International Banking Facility as lender and joint lead arranger- granted AA2000 a loan for an aggregate amount of USD 35,000,000, for a 3-year term, at a rate equivalent to LIBOR plus a margin of 5.5%; and (ii) an onshore credit facility agreement, under which Industrial and Commercial Bank of China (Argentina) S.A., Banco de Galicia y Buenos Aires S.A.U. and Banco Santander Río S.A.- acting as lenders and joint lead arrangers- granted AA2000 loans for USD 35,000,000, USD 25,000,000 and USD 25,000,000, respectively, for a 3-year term, at rate of 9.75%, and together with the Offshore Credit Facility, both for a total aggregate amount of USD 120,000,000.
Citibank also acted as administrative agent under the Credit Facilities and the branch of Citibank, N.A.(established in the Republic of Argentina), acted as local collateral agent and local custodian agent under the offshore credit facility, and as local collateral agent and local disbursement agent under the onshore credit facility.
AA2000’s obligations under the credit facilities were guaranteed with the assignment in trust of the freight charges collected by AA2000 through Terminal de Cargas Argentina, a business unit of the company. It was carried out through a collateral trust agreement entered into with Citibank Argentina as trustee.
The company has been the largest airport concessionaire in Argentina since 1998 and has the right, under a Concession Agreement with the Argentine State, to use, operate and manage 35 of the 54 airports in the Argentine airport system, including the two busiest airports in Argentina. In the past, Marval has acted as Argentine counsel to the banks in the issuance of AA2000’s notes in 2017, as in the Initial Public Offering of the shares of Corporación America Airports S.A., parent company of AA2000.
Counsel list:
Argentina:
The following in-house counsel participated in the deal for the Banks: for Citibank, Carlos Vassallo and Cecilia Diaz Llamosas; for ICBC, Matías Filippo and Tomas Koch; for Banco Galicia, Fernán Pereyra de Olazabal; and for Banco Santander, Ignacio García Deibe.
Marval, O’Farrell & Mairal acted as legal counsel to the banks with partner Roberto E. Silva, and associates Martín I. Lanús and Agustín López Roualdès.
Bomchil advised AA2000 with partners Patricio Martín and María Victoria Funes, and associates Iván Bovio Marenco and Vanina Fiszbein.
Estudio Beccar Varela acted as legal counsel to the administrative agent and the onshore collateral agent with partner Daniel Levi and associate Felipe Videla.
USA:
Linklaters, LLP acted ascounsel to the banks with partner Conrado Tenaglia, and associates Alberto García Linera and Erika Cabo, and foreign associate Madeleine Blehaut.
Greenberg Traurig, LLP acted as counsel to AA2000 with shareholder Marc Rossell and associate Matthew Howes.
Hinckley, Allen & Snyder, LLP acted as legal counsel to the administrative agent and the onshore collateral agent with partner Jonathan Winnick.