ACI Airport SudAmerica (Carrasco Airport, in Montevideo Uruguay) has just completed the first Uruguayan international offering of US$ 200 million of 144/Reg S - 6.875% senior secured guaranteed notes due 2032. Coupons under the issued notes are scheduled to be paid out of the dividends distributed by Puertas del Sur, the Uruguayan local subsidiary of the issuing group, which operates the concession of Carrasco Airport.
Carrasco International Airport, located approximately 12 miles from downtown Montevideo, is the primary international gateway of Uruguay with approximately 85% of the country's flights. The 20-year concession agreement awarded in November 2003 to the Uruguayan local subsidiary of Aeropuertos 2000 (an Argentine group which runs several airports in the region including Uruguay's international), was recently extended for an additional 10-year term and expires in November 2033. The airport's new terminal was inaugurated in 2009 with a capacity of 4.5 million passengers per year, comparing favorably with the current 1.7 million passengers as well as the sponsor's projected 2033 volume of 3.1 million. The operator of the airport is a wholly owned subsidiary of the Corporación America Group, one of the world's largest airport operators with 52 operations in Latin America and Europe.
The airport is almost exclusively an O&D airport with only 2% of passengers transferring to other destinations. Traffic growth since 2004 has been averaging 6.2% despite the bankruptcy of the country's flagship carrier in 2012, PLUNA, and the resulting loss of capacity and status as a regional hub.
Nomura and Bank of Merrill Lynch acted as Initial Purchasers of the issued notes, The Bank of New York Mellon acted as Trustee, Registrar, Paying Agent and Transfer Agent, and TMF Uruguay acted as Collateral Agent.
Nomura and Bank of America Merrill Lynch were advised by Mayer Brown in Chicago and Washington DC. Local counsel to the Initial Purchasers was given by Bergstein Abogados in Montevideo (partners Jonás Bergstein and Leonardo Melos, and associates Evelyn Harbek and Analía Fernández) and Uría & Menéndez in Madrid.
ACI Airport was advised by Simpson Thacher & Bartett in New York, Guyer & Regules in Montevideo, and Cuatrecasas in Madrid.
