By Cristal Cody
Chicago, Aug. 6 – Aeropuerto Internacional de Tocumen, SA sold $1.86 billion of senior secured notes on Thursday in a two-part offering (Baa2/BBB), according to a market source and a press release.
The airport sold $555 million of 4% 20-year senior secured notes at par. The notes priced lower than talk in the 4˝% area.
And, a second tranche of $1.3 billion of 5 1/8% 40-year senior secured notes were also sold at par. The notes also priced significantly lower than talk which had them in the 5 5/8% area.
Orders for approximately $7.28 billion of notes were received, with the majority of interest coming from the United States, with the offer 3.9-times oversubscribed. The order book had participation from 320 accounts.
Proceeds are being used to fund a tender offer, finance the reserve accounts and debt service payment accounts, pay the balance of short-term bank debt and the rest will be transferred to an account dedicated to covering deficits caused by the Covid-19 pandemic.
The Rule 144A and Regulation S deal was led by joint bookrunners BofA Securities, Inc. and Citigroup Global Markets Inc. Lead on the deal is Banco General.
The airport is located in Panama City.
| Issuer: | Aeropuerto Internacional de Tocumen, SA
|
| Issue: | Senior secured notes
|
| Amount: | $1.86 billion
|
| Bookrunners: | Banco General, BofA Securities, Inc. and Citigroup Global Markets Inc.
|
| Trade date: | Aug. 5
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2041 notes
|
| Amount: | $555 million
|
| Maturity: | Aug. 11, 2041
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Price talk: | 4˝% area
|
|
|
| 2061 notes
|
| Amount: | $1.3 billion
|
| Maturity: | Aug. 11, 2061
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Price talk: | 5 5/8% area
|
|
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