Bimonetary Syndicated Loan by Aeropuertos Argentina 2000 S.A.
On November 18, 2021, Aeropuertos Argentina 2000 (“AA2000”) agreed with Industrial and Commercial Bank of China (Argentina) S.A.U. (“ICBC”), Banco de Galicia y Buenos Aires S.A.U. (“Galicia”), Banco Santander Río S.A. (“Santander”) The Branch of Citibank N.A., established in the Argentine Republic (“Citibank Argentina” and together with ICBC, Galicia y Santander, the “Banks”), the granting of a bimonetary syndicated loan, which could be disbursed, at each of the banks sole discretion, in seven disbursements in U.S. Dollars or Argentine Pesos, as per the framework agreement concluded between AA2000 and the Bank on October 26, 2021 (the “Loan”)
The disbursement made on November 19, 2021, consisted on two tranches, one in Argentine Pesos and the other on U.S. Dollars.
The tranche in Argentine Pesos was disbursed for an aggregate principal amount of AR$3,746,929,247.97, out of which AR$2,656,989,727.52 will accrue interest at the “Corrected BADLAR (BADCORI)” rate plus 1,000 bps., and AR$1,089,939,520.45 will accrue interests at the largest of (i) the BADLAR rate, plus 1,550 bps., or (ii) the interest rate applied by the Argentine Central Bank for one day term swaps at a nominal annual percentage, plus 1,550 bps.
The tranche in U.S. Dollars was disbursed for an aggregate principal amount of US$10,000,000.00 and will accrue interest at a 8.5% nominal annual rate.
The proceeds from the Loan will be applied by AA2000 to repay in full the principal installments owed by AA2000 to the banks under: (i) the onshore credit facility, concluded between AA2000, ICBC, Galicia and Santander for the amount of US$ 85 million; (ii) the offshore credit facility, concluded between AA2000 and Citibank N.A. for the amount of US$35 million; and (iii) the bilateral loans denominated in Argentine Pesos granted by the Banks to AA2000 for the aproximate amount of US$ 36 million (at the applicable rate of US$ 1 = AR$100,465, reported by the Argentine Central Bank by means of Communiqué “A” 3500 on November 19, 2021).
The Loan is secured by the Argentine Cargo Trust, under which AA2000 transferred: (i) the freight airport charges which AA2000 receives through “Terminal de Cargas Argentina”, a business unit of AA2000; and (ii) any residual rights AA2000 has as final beneficiary and beneficiary under a trust securing payments under certain notes.
AA2000 is the largest airport concessionaire in Argentina since 1998, with the right - under a Concession Agreement with the Argentine Government - to use, operate and manage 35 out of 54 airports in the Argentine airport system, including two of the largest and busiest airports in Argentina.
Advisors of Aeropuertos Argentina 2000 S.A.
Bomchil acted as legal advisor in Argentina through its partners María Victoria Funes and Patricio Martin and its associates Luciano Zanutto and Emir Faita
Advisors to the Banks
Marval O'Farrell Mairal acted as legal advisor in Argentina to the Banks, with a team led by partner Roberto E. Silva, assisted by associates Pablo H Lapiduz and Mauro Dellabianca.
It is worth mentioning that this issuance includes one more transaction of AA2000 in which Bomchil and Marval have participated as advisors, additionally to an extensive list including the issuance of the Series 2017 notes issued 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, the exchange of the Existing Notes issued in 2017 and 2020 for Series 2021 Additional Notes; the execution of a framework refinancing agreement of the loans owed by AA2000; and the issuance of two notes, issued by AA2000 on November 4, 2021.