Aeropuertos Argentina 2000 announces final exchange results

Chicago, Oct. 27 – Aeropuertos Argentina 2000 SA announced the final participation results for its exchange offer for two series of 6 7/8% notes, according to a press release.

As of 11:59 p.m. ET on Oct. 26, the deadline, the company received tenders for 24.61%, or $13.06 million of the 6 7/8% senior secured notes due 2027 (Cusips: 00786PAC8, P0092MAE3) and 66.83%, or $218,151,768 principal amount of the 6 7/8% cash/9 3/8% PIK class I series 2020 additional senior secured notes due 2027 (Cusips: 00786PAD6, P0092MAF0).

As previously reported, because more than 50% of the total notes between the two series were tendered, the company received enough consents to amend the notes and eliminate substantially all of the restrictive covenants and events of default and related provisions under the existing indenture for the PIK notes.

The indenture will be effective soon after the acceptance of the tendered notes and will be operative at the end of the offer.

The company was 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 had to submit an eligibility letter to participate in the exchange.

The company was 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 tendered their notes by the early deadline.

Noteholders who tendered after the early deadline were due to receive $900 principal amount of new notes for each $1,000 principal amount of existing notes, plus unpaid interest in cash, but the full early consideration was extended to the end of the offer.

The outstanding principal amount of existing notes is being 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.

At least 75% of the outstanding principal amount of existing notes had to be tendered as a condition for the offer. However, the minimum exchange condition was waived.

Settlement is expected for Oct. 28. On the settlement date, the company will issue $208,949,631 principal amount of series 2021 notes.

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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