Aeropuerto Internacional de Tocumen gives final results of tender for 2036, 2048 notes

By Rebecca Melvin

Concord, N.H., Aug. 20 – Aeropuerto Internacional de Tocumen, SA announced the final results of its July 22 cash tender offer and consent solicitation for its 5 5/8% senior secured notes due 2036 (Cusip: 00787CAB8, P0092AAC3) and 6% senior secured notes due 2048 (Cusip: 00787CAC6, P0092AAD1), according to a company news release on Friday.

As of the tender expiration at 11:59 p.m. ET on Aug. 18, the company received tenders for 93.3% of the total amount of both tranches of notes. The amount tendered included $566,821,000 of the $575 million outstanding amount of the 2036 notes, which was 98.58% of the principal amount outstanding, and $786,245,000 of the $862,962,975 outstanding principal amount of the 2048 notes, which was 89.86% of the total principal amount outstanding.

Holders that had validly tendered their notes by the early deadline and provided their consents at or before the early date were eligible to receive a $50.00 per $1,000 bond early tender payment.

Including the early payments, the total consideration for the 2036 notes paid on Friday was $1,145.00 per $1,000 principal amount and the total consideration for the 2048 notes was $1,170.00 per $1,000 principal amount.

The tender offer and the consent solicitation were conditioned upon, among other things, the settlement of a new offering of senior notes, and notes could not be tendered without consents.

Following payment of the tender offer consideration, the issuer delivered irrevocable notices of redemption, exercising its right to redeem all of the notes that remain outstanding on Aug. 23.

About $9.2 million will be paid to holders of the 2036 notes and about $101.2 million will be paid to holders of the 2048 notes, corresponding to the clean-up redemption price for the notes plus interest.

To effect the proposed amendments of the notes, Tocumen had to obtain consents from holders of a majority of the outstanding notes of each series. The requisite consents were received by the early deadline.

The issuer was seeking to eliminate substantially all restrictive covenants of the indenture, eliminate certain events of default and add a right to a clean-up call and modify certain provisions relating to the collateral in the trust agreement, the intercreditor agreement and the assignment agreement.

BofA Securities Inc. (646 855-8988, 888 292-0070) and Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) were dealer managers of the tender offer and consent solicitation.

Global Bondholder Services Corp. (212 430-3774) was the information and tender agent.

The airport is located in Panama City.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.