ACI Airport announces exchange offer expiration, results

By William Gullotti

Buffalo, N.Y., Nov. 10 – Uruguay’s ACI Airport Sudamerica, SA announced the expiration and final tender offer results for two series of notes, according to a press release.

As of 11:59 p.m. ET on Nov. 8, $5.2 million, or 40.62%, of its 6 7/8% senior secured guaranteed series 2015 notes due 2032 (Cusips: 00102JAA3, E0351QAA0) and $188,551,722, or 96.43%, of its 6 7/8%/7 7/8% PIK senior secured guaranteed series 2020 notes due 2032 (Cusips: 00102JAB1, E0351QAB8) were validly tendered and not withdrawn.

Overall, $193,751,722 of the notes, or 93%, were tendered, reflecting no change since the Oct. 25 deadline extension.

As previously reported, noteholders will receive $1,000 of new notes for $1,000 of existing notes and $1 for each $1,000 of outstanding principal amount of notes validly tendered.

The outstanding principal amount of notes will be determined using the applicable amortization factor on the settlement date, in accordance with market convention.

Interest will also be paid to the settlement date.

Settlement is scheduled for Nov. 12.

Also, as previously reported, minimum conditions have been met for the consent solicitations.

Consents were being solicited simultaneously with the exchange offers, enabling Puerta del Sur SA, a subsidiary of the company, to be able to enter into an amendment for the concession agreement extending the term of the agreement, incorporating into the agreement additional airports and granting to the subsidiary a specified amount of capital expenditures for such airports.

The supplemental indenture is expected to take effect on Nov. 12.

In addition, since the minimum conditions have been met and the withdrawal deadline has passed, the company executed the second A&R indenture on Nov. 8.

The amendments not only provide for the issuance of new notes as additional notes under the existing indenture but also eliminate substantially all the restrictive covenants and events of default and related provisions with respect to the series 2020 notes.

Also, the amendments amend certain defined terms and covenants in the existing indenture.

D.F. King & Co., Inc. is the information and exchange agent for the offer (800 290-6427, aciairport@dfking.com).

Based in Montevideo, Uruguay, the company is the sole stockholder of Cerealsur SA. Cerealsur SA is a holding company which, through its wholly owned subsidiary, Puerta del Sur SA, operates the Carrasco International Airport.

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