Bomchil and Marval, O’Farrell & Mairal participated as local counsels, in a credit facility for $10,

Bomchil and Marval, O’Farrell & Mairal recently participated as local counsels, while Linklaters, LLP participated as U.S. counsel, in a credit facility for $10,000,000 to Aeropuertos Argentina 2000 S.A. (“AA2000”) granted by Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch (“ICBC Dubai”).

The facility was instrumented via an offshore credit facility agreement, under which ICBC Dubai, as lender, granted AA2000 a loan for $ 10,000,000, for over a 3-year term, at a rate equivalent to the 90 days SOFR plus a margin of 7,875% (the “ICBC Offshore Loan”). Further, Industrial and Commercial Bank of China (Argentina) S.A.U. (“ICBC Argentina”) acted as onshore custodian agent of the ICBC Offshore Loan.

The proceeds from the ICBC Offshore Loan will be used to fund CAPEX obligations required on the Concession Agreement.

AA2000’s obligations under the ICBC Offshore Loan are guaranteed with the assignment in trust of the freight charges collected by AA2000 through Terminal de Cargas Argentina, a business unit of AA2000, through a collateral trust agreement entered into with the Branch of Citibank N.A. in Argentina as trustee on August 9, 2019 (the “Cargo Trust”) as well as any residual cash flows that AA2000 has the right to receive as final beneficiary (fideicomisario) under the Tariffs Trust.

AA2000 is the biggest airport concessionaire in Argentina since 1998 and it has the right, under a Concession Agreement entered into with the Argentine State, to use, operate and manage 35 of the 54 airports in the Argentine airport system, including the two most transited airports in Argentina.

Participating counsels:

Argentina:

Bomchil acted as Argentine counsel to AA2000 through the team headed by partner María Victoria Funes, together with the associate Emir Faita.

Marval, O’Farrell & Mairal acted as Argentine counsel to the ICBC Dubai and ICBC Argentina through the team headed by partner Roberto E. Silva, Jr., together with the associate Pablo Lapiduz.

In-house counsels. Likewise, the following in-house counsels participated in the deal for ICBC Argentina: Matías Filippo and Tomas Koch.

USA:

Linklaters, LLP acted as US counsel to the Banks through the team headed by partner Conrado Tenaglia, together with the associate Juan Mata.