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Aeropuerto Internacional de Tocumen begins tender offer, consent bid for 2036, 2048 notes
By Rebecca Melvin
Concord, N.H., July 23 – Aeropuerto Internacional de Tocumen, SA has begun a cash tender offer and is soliciting consents from holders of its $575 million 5 5/8% senior secured notes due 2036 (Cusip: 00787CAB8, P0092AAC3) and $862,962,975 outstanding principal amount of 6% senior secured notes due 2048 (Cusip: 00787CAC6, P0092AAD1), according to a news release.
The outstanding amount of the 2048 notes reflects amortization with a scaling factor of 98.62434%.
The tender offer will expire at 11:59 p.m. ET on Aug. 18.
The early tender will be 5 p.m. ET on Aug. 4. Holders of the notes must validly tender their notes and provide their consents at or before the early date to be eligible to receive a $50.00 per $1,000 bond early tender payment.
Including the early payments, the total consideration for the 2036 notes is $1,145.00 per $1,000 principal amount and the total consideration for the 2048 notes is $1,170.00 per $1,000 principal amount.
The tender offer and the consent solicitation are conditioned upon, among other things, the settlement of a new offering of senior notes, and notes may not be tendered without consents.
To effect proposed amendments of the notes, Tocumen must obtain consents from holders of a majority of the outstanding notes of each series.
BofA Securities Inc. (646 855-8988, 888 292-0070) and Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) are dealer managers of the tender offer and consent solicitation.
Global Bondholder Services Corp. (212 430-3774) is the information and tender agent.
The airport is located in Panama City.
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