Moody's: Aeropuertos Argentina 2000 notes Caa3

Moody’s Investors Service said it assigned a Caa3 rating to Aeropuertos Argentina 2000 SA new senior secured exchange notes and affirmed outstanding ratings with a negative outlook.

The company offered to exchange the outstanding $350 million of 6 7/8% senior secured notes due in 2027 for newly issued 6.7/8% cash/9 3/8%/ PIK class I series 2020 additional senior secured notes due in 2027.

Noteholders will receive the exchanged, additional notes with identical terms than those of the existing notes, but the first quarterly interest payment originally scheduled for May 1, on the existing notes will be paid in cash in the form of an interest premium payment or in-kind (PIK) by increasing the principal amount the additional notes to be issued on the settlement date, Moody’s said.

The new notes will pay the remaining quarterly interest payments from August through February 2021 in kind at a higher rate of 9 3/8% per annum. Quarterly amortization begins on May 1, 2021, and continues under a new principal amortization schedule until maturity.

The same collateral will secure the new and existing notes on a pro rata and pari passu basis under the indenture and the related collateral documents, Moody’s said.

Noteholders who keep their notes will continue to receive payment under the notes’ original terms, the agency said.

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