Aeropuertos Argentina 2000 Announces Completion of Exchange Offer and Issuance of New Notes
November 05 2021 - 8:01AM
Business Wire
Corporación América Airports S.A. (NYSE: CAAP), (“CAAP”),
the largest private sector airport operator in the world by number
of airports, announced today that Aeropuertos Argentina 2000 (the
“Company” or “AA2000”), a subsidiary of CAAP, has consummated a
series of transactions, strengthening the Company’s liquidity and
achieving a sustainable debt profile that provide financial
flexibility to continue modernizing its airport network in
Argentina.
In September 2021, AA2000 successfully issued a $30.5 million
dollar-linked bond in the local market, at an annual interest rate
of 4% and a 2-year maturity. The offering was expanded from an
original amount of $10 million and has a local credit risk rating
of A(Arg) by FIX SCR Argentina.
In October 2021, the Company announced an offer to exchange its
international bonds, originally issued in February 2017 and later
exchanged in 2020, at the beginning of the pandemic. In summary,
the Company has recently completed the following transactions:
- A new issuance of 8.5% Series 2021 Notes due in 2031 (extending
from 2027 before), issued pursuant the exchange offer and with a
4-year grace period. The Series 2021 Notes will have an enhanced
collateral package, which includes an offshore reserve account, and
a second lien on revenues from the cargo terminal. The transaction
closed on October 28, 2021 with a 66.83% and 24.61% participation
from holders of the Series 2020 and Series 2017 Notes,
respectively.
- On November 1, 2021, the Company raised $126 million of new
money in two tranches: i) $64 million in additional Series 2021
Notes, which are fungible with the bonds issued pursuant to the
exchange offer, and ii) $62 million in new Senior Secured Notes due
2028. The latter have a 3-year grace period, quarterly amortization
starting February 2025, and a final payment in November 2028.
- Simultaneously, AA2000 refinanced bank loans, extending the
final maturity of these loans until November 2024 (currently in
February 2023), with a 15-month grace period.
With the completion of the foregoing transactions, the Company
has:
- Strengthen its liquidity, achieving a sustainable debt
profile
- Extended maturity of its existing international bond
transaction until 2031 (from 2027 before) with a grace period of 4
years at an interest rate of 8.5%, demonstrating financial
discipline
- Issued new notes for a total of $126 million in two
tranches
- Refinanced bank loans with a 1-year grace period and final
maturing in 2024
During 2020 and 2021, the Company's operations were impacted by
the COVID19 pandemic and air travel bans established by the
government to contain the spread of the virus.
Following the lifting of travel restrictions on international
traffic and the opening of borders to non-resident foreigners
starting November 1, 2021, we expect better passenger dynamics, an
increase in flights and destinations already announced by the
airlines, and higher tourism activity, heading into the summer
season.
About Corporación América Airports
Corporación América Airports acquires, develops and operates
airport concessions. The Company is the largest private airport
operator in the world based on the number of airports and the tenth
largest based on passenger traffic. Currently, the Company operates
52 airports in 7 countries across Latin America and Europe
(Argentina, Brazil, Uruguay, Peru, Ecuador, Armenia and Italy). In
2019, Corporación América Airports served 84.2 million passengers.
The Company is listed on the New York Stock Exchange where it
trades under the ticker “CAAP”. For more information, visit
http://investors.corporacionamericaairports.com
Forward Looking Statements
Statements relating to our future plans, projections, events or
prospects are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include all statements that are not historical facts and
can be identified by terms such as “believes,” “continue,” “could,”
“potential,” “remain,” “will,” “would” or similar expressions and
the negatives of those terms. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Many factors could cause our actual activities or
results to differ materially from the activities and results
anticipated in forward-looking statements, including, but not
limited to: the Covid-19 impact, delays or unexpected casualties
related to construction under our investment plan and master plans,
our ability to generate or obtain the requisite capital to fully
develop and operate our airports, general economic, political,
demographic and business conditions in the geographic markets we
serve, decreases in passenger traffic, changes in the fees we may
charge under our concession agreements, inflation, depreciation and
devaluation of the AR$, EUR, BRL, UYU, AMD or the PEN against the
U.S. dollar, the early termination, revocation or failure to renew
or extend any of our concession agreements, the right of the
Argentine Government to buy out the AA2000 Concession Agreement,
changes in our investment commitments or our ability to meet our
obligations thereunder, existing and future governmental
regulations, natural disaster-related losses which may not be fully
insurable, terrorism in the international markets we serve,
epidemics, pandemics and other public health crises and changes in
interest rates or foreign exchange rates. The Company encourages
you to review the ‘Cautionary Statement’ and the ‘Risk Factor’
sections of our annual report on Form 20-F for the year ended
December 31, 2019 and any of CAAP’s other applicable filings with
the Securities and Exchange Commission for additional information
concerning factors that could cause those differences.
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Investor Relations Contact Patricio Iñaki Esnaola
Email: patricio.esnaola@caairports.com Phone: +5411 4899-6716
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