Marval O’Farrell Mairal recently acted as counsel in respect of bilateral loans granted to Aeropuertos Argentina 2000 S.A.

Marval O’Farrell Mairal and Bomchil recently acted as counsel in respect of three bilateral loans, to be disbursed in two installments, for a total aggregate amount in pesos equivalent to approximately USD 19,000,000 granted to Aeropuertos Argentina 2000 S.A. (AA2000) by Banco de Galicia y Buenos Aires S.A.U., the branch of Citibank N.A., established in the Republic of Argentina and Banco Santander Río S.A., in accordance with the terms agreed upon in the framework agreement dated April 29, 2020, entered into by and between AA2000, the abovementioned banks and Industrial and Commercial Bank of China (Argentina) S.A. (ICBC) (the “Bilateral Loans”).

The Bilateral Loans were granted with the purpose of refinancing the principal amortization payments due in August and November 2020 and payable by AA2000 (i) to Banco de Galicia y Buenos Aires S.A.U. and Banco Santander Río S.A., under an onshore credit facility entered into by and between AA2000, ICBC, Banco de Galicia y Buenos Aires S.A.U. and Banco Santander Río S.A. and (ii) to Citibank N.A. under an offshore credit facility entered into by and between AA2000 and said entity.

The Bilateral Loans (together with the loan granted by ICBC to AA2000 in June 2020, for an amount of ARS 622,188,666.48 equivalent to USD 7,800,000), 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 is the biggest 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 most transited airports in Argentina.

Marval O’Farrell Mairal acted as counsel to Banco de Galicia y Buenos Aires S.A.U., the branch of Citibank N.A., established in the Republic of Argentina and Banco Santander Río S.A. and Bomchil acted as counsel to AA2000.

It should be noted that these Bilateral Loans are part of a vast list of recent transactions in which Marval and Bomchil have acted as counsel, including the issuance of AA2000’s notes in 2017 and their exchange offer in 2020 in the context 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 (which occurred simultaneously with the exchange offer), and the latest local Argentine issuance of AA2000 0% notes due 2022.

Participating counsel:

Argentina:

Marval O’Farrell Mairal acted as counsel to ICBC, 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 associates Facundo José Nazur and Emir Faita.