Aeropuertos Argentina offers exchange, solicitation for 6 7/8% notes

Chicago, Sept. 28 – Aeropuertos Argentina 2000 SA announced an exchange offer and consent solicitation for two series of 6 7/8% notes, according to a press release.

The exchange offer relates to the 6 7/8% senior secured notes due 2027 (Cusips: 00786PAC8, P0092MAE3) and the 6 7/8% cash/9 3/8% PIK class I series 2020 additional senior secured notes due 2027 (Cusips: 00786PAD6, P0092MAF0).

The PIK notes were issued as part of an exchange for 6 7/8% notes in May 2020.

The company is offering to exchange the 6 7/8% notes for newly issued 8½% class I series 2021 additional senior secured notes due 2031.

The new 2031 notes will be Rule 144A and Regulation S. Noteholders must submit an eligibility letter to participate in the exchange.

The company is offering to exchange $1,000 principal amount of existing notes for $1,000 principal amount of new notes, plus unpaid interest in cash to noteholders who tender their notes by the early deadline.

Noteholders who tender after the early deadline will receive $900 principal amount of new notes for each $1,000 principal amount of existing notes, plus unpaid interest in cash.

The outstanding principal amount of existing notes will be calculated using an applicable amortization factor. The amortization factor for the 6 7/8% senior secured notes is 0.6875 and for the PIK notes is 0.91666.

The new notes will be secured by the same collateral currently securing the existing notes.

With the exchange offer, the company is soliciting consents for the existing notes to eliminate substantially all of the restrictive covenants and events of default and related provisions under the existing indenture for the PIK notes.

At least 75% of the outstanding principal amount of existing notes must be tendered as a condition for the offer.

The early deadline is 5 p.m. ET on Oct. 12.

The expiration deadline is 11:59 p.m. ET on Oct. 26.

Settlement is expected for Oct. 28.

Citigroup Global Markets Inc. (800 558-3745, 212 723-6106), Goldman Sachs & Co. LLC (800 828-3182, 212 357-1452, GS-LM-NYC@gs.com) and Santander Investment Securities Inc. (855 404-3636, 212 940-1442) are the joint dealer managers.

Morrow Sodali Ltd. is the exchange and information agent (203 609-4910, AA2000@investor.morrowsodali.com).

The operator of 35 Argentine airports is based in Buenos Aires.

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