NEW YORK – June 19, 2020 – Global law firm Greenberg Traurig, LLP represented Aeropuertos Argentina 2000 S.A. (“AA2000”), the concessionaire responsible for operations at the majority of Argentina’s 56 airports, and ACI Airport Sudamérica, S.A. (“ACI Sudamérica”), the concessionaire of the Carrasco International Airport in Montevideo, Uruguay, in two exchange offers and consent solicitations. Both companies are subsidiaries of Corporación América Airports S.A., a NYSE-listed company and the world’s largest private sector airport concession operator in terms of the number of airports under management.
AA2000 offered to exchange any and all of its outstanding 6.875 percent Senior Secured Notes due in 2027, in the original aggregate principal amount of $400 million, for newly issued 6.875 percent cash/9.375 percent Payment-In-Kind (PIK) Class I Series 2020 Additional Senior Secured Notes due in 2027. Holders representing 86.7 percent of the outstanding notes participated in the exchange offer.
ACI Sudamérica, the Spanish holding company of the Carrasco airport operator, offered to exchange any and all of its 6.875 percent Senior Secured Guaranteed Notes due in 2032, in the original aggregate principal amount of $200 million, for newly issued 6.875 percent cash/7.875 percent PIK Senior Secured Guaranteed Notes due in 2032. Holders representing 93.6 percent of the outstanding notes participated in the exchange offer.
“We brought together a multidisciplinary team of attorneys and worked collaboratively to provide a cutting-edge solution for our client,” said Marc M. Rossell, a shareholder in Greenberg Traurig’s Corporate Practice and co-chair of the firm’s Latin America Practice. “The transactions are noteworthy for being the among the first of their kind following the onset of the COVID-19 pandemic.”
The new notes issued by both companies included a payment-in-kind feature that allows the companies to preserve cash for the next 12 months. The notes were also issued under the respective existing indentures as additional notes, which has the benefit of preserving the collateral structure for all noteholders on a pari passu basis. Consents were also sought to amend certain terms of the indentures pursuant to the consent solicitations effected as part of the exchange offers.
The Greenberg Traurig team representing AA2000 was led by Rossell (New York) and Corporate Shareholder Drew M. Altman (Miami). The Greenberg Traurig team representing ACI Sudamérica was led by Rossell (New York) and Corporate Shareholder Oscar Stephens (New York). Tax Practice team members included Shareholder Erez Tucner (New York) and Of Counsel Margaret J. Weil (Minneapolis). Additional Corporate team members included Shareholder J. Gregory Milmoe (Boston), Associates María Velasco (New York) and Igal Rojzman (Miami), and Law Clerks Santos Gonzalez Victorica (Miami) and Aryana M. Gharagozloo (Miami).
About Greenberg Traurig’s Latin America Practice: Greenberg Traurig’s award-winning Latin America Practice draws on resources from our offices around the world, bringing together a multidisciplinary team of lawyers to help clients identify business opportunities in Latin America. The team, which includes lawyers who have been chief legal officers at major multinational companies, has wide-ranging experience representing U.S. and international clients who do business in Latin America, as well as advising Latin American clients on their business ventures in the United States. The firm’s experience throughout the region enables the team to offer clients local knowledge and resources in the legal aspects of market opportunities, investments, financing, access to capital markets, governmental strategies, or international dispute resolution.
About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT) has 2200 lawyers in 41 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: http://www.gtlaw.com Twitter: @GT_Law.
AA2000 offered to exchange any and all of its outstanding 6.875 percent Senior Secured Notes due in 2027, in the original aggregate principal amount of $400 million, for newly issued 6.875 percent cash/9.375 percent Payment-In-Kind (PIK) Class I Series 2020 Additional Senior Secured Notes due in 2027. Holders representing 86.7 percent of the outstanding notes participated in the exchange offer.
ACI Sudamérica, the Spanish holding company of the Carrasco airport operator, offered to exchange any and all of its 6.875 percent Senior Secured Guaranteed Notes due in 2032, in the original aggregate principal amount of $200 million, for newly issued 6.875 percent cash/7.875 percent PIK Senior Secured Guaranteed Notes due in 2032. Holders representing 93.6 percent of the outstanding notes participated in the exchange offer.
“We brought together a multidisciplinary team of attorneys and worked collaboratively to provide a cutting-edge solution for our client,” said Marc M. Rossell, a shareholder in Greenberg Traurig’s Corporate Practice and co-chair of the firm’s Latin America Practice. “The transactions are noteworthy for being the among the first of their kind following the onset of the COVID-19 pandemic.”
The new notes issued by both companies included a payment-in-kind feature that allows the companies to preserve cash for the next 12 months. The notes were also issued under the respective existing indentures as additional notes, which has the benefit of preserving the collateral structure for all noteholders on a pari passu basis. Consents were also sought to amend certain terms of the indentures pursuant to the consent solicitations effected as part of the exchange offers.
The Greenberg Traurig team representing AA2000 was led by Rossell (New York) and Corporate Shareholder Drew M. Altman (Miami). The Greenberg Traurig team representing ACI Sudamérica was led by Rossell (New York) and Corporate Shareholder Oscar Stephens (New York). Tax Practice team members included Shareholder Erez Tucner (New York) and Of Counsel Margaret J. Weil (Minneapolis). Additional Corporate team members included Shareholder J. Gregory Milmoe (Boston), Associates María Velasco (New York) and Igal Rojzman (Miami), and Law Clerks Santos Gonzalez Victorica (Miami) and Aryana M. Gharagozloo (Miami).
About Greenberg Traurig’s Latin America Practice: Greenberg Traurig’s award-winning Latin America Practice draws on resources from our offices around the world, bringing together a multidisciplinary team of lawyers to help clients identify business opportunities in Latin America. The team, which includes lawyers who have been chief legal officers at major multinational companies, has wide-ranging experience representing U.S. and international clients who do business in Latin America, as well as advising Latin American clients on their business ventures in the United States. The firm’s experience throughout the region enables the team to offer clients local knowledge and resources in the legal aspects of market opportunities, investments, financing, access to capital markets, governmental strategies, or international dispute resolution.
About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT) has 2200 lawyers in 41 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: http://www.gtlaw.com Twitter: @GT_Law.