MEXICO CITY, Dec. 16, 2018 /PRNewswire/ -- The Ministry
of Finance and Public Credit issues the following statement
concerning the Mexico City Airport Trust ("MEXCAT") and its revised
tender offers and consent solicitations announced on Tuesday, December 11, 2018.
The revised offer was made after considering feedback received
from a wide variety of market participants, and it includes
significant enhancements in the interests of noteholders. The
effect of the offer would reduce MEXCAT's total debt outstanding by
up to 30%. The revised offer also establishes principal
accumulation accounts which are expected to reduce total net debt
outstanding by a minimum of an additional $1 billion within
five years, resulting in a total reduction in outstanding net debt
of up to 46%.
We are confident that the reductions in net debt and other
enhancements address the principal concerns raised by the holders
and represent a balanced and market-friendly transaction given the
policy objectives of the Mexican Government.
We understand that the reaction of the market has been strongly
positive with respect to the revised terms. The financial
institutions appointed by MEXCAT as dealer managers have been in
regular, direct communication with noteholders with positions of
all sizes, which was the basis of the revised terms.
MEXCAT and its representatives have also been in contact with
advisors who purport to represent an ad hoc group of holders, and
who have declined, despite repeated requests, to provide the
identities or holdings of the group. The points advanced by
those advisors have been reviewed with them and considered.
However, we believe the revised offer addresses the principal
concerns of the noteholders.
MEXCAT has provided a separate statement clarifying some aspects
of the revised terms which is accessible at
http://gbsc-usa.com/MEXCAT/, and our dealer managers remain
available to address clarifications.
MEXCAT does not intend to make any further modifications in the
terms of the transaction announced on December 11. We believe
the transaction as amended is a balanced and commercial approach to
the interests of the noteholders, MEXCAT and the Mexican
public.
If the revised offer is not successful on the terms currently
proposed, MEXCAT and the Mexican government will reconsider what
alternatives are available to achieve the government's
objectives. We believe the resulting delay and uncertainty
will not serve the interests of noteholders or the Mexican
public.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT
AN OFFER TO PURCHASE, A SOLICITATION OF AN OFFER TO PURCHASE OR A
SOLICITATION OF CONSENT WITH RESPECT TO ANY SECURITIES. THE TENDER
OFFERS AND CONSENT SOLICITATIONS ARE BEING MADE SOLELY PURSUANT TO
AN OFFER TO PURCHASE AND CONSENT SOLICITATION STATEMENT AND THE
RELATED LETTER OF TRANSMITTAL, WHICH SET FORTH THE COMPLETE TERMS
OF THE OFFERS WHICH HOLDERS OF THE NOTES SHOULD CAREFULLY READ
PRIOR TO MAKING ANY DECISION.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements are information of a non-historical
nature or which relate to future events and are subject to risks
and uncertainties. No assurance can be given that the transactions
described herein will be consummated or as to the ultimate terms of
any such transactions. The Ministry of Finance and Public Credit
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information
or future events or for any other reason.
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SOURCE Ministry of Finance and Public Credit