NEW YORK – Nov. 18, 2021 – Global law firm Greenberg Traurig, LLP advised ACI Airport Sudamérica, S.A., which, through subsidiaries, operates the Carrasco International Airport near Montevideo, Uruguay, on a bond exchange offering and a concurrent offering of new notes totaling $246 million.
The transaction consisted of an exchange offer for the company’s Series 2015 6.875% Senior Secured Guaranteed Notes, due in 2032, and its Series 2020 6.875% Cash/7.875% PIK Senior Secured Guaranteed Notes, due in 2032, for new 6.875% Senior Secured Guaranteed Notes, due in 2034, and a $53 million offering of the same notes for cash to two institutional investors. The new notes are guaranteed by Cerealsur S.A., the company’s direct parent.
The transaction came after the Uruguayan government granted a 20-year extension to ACI Airport’s current concession to operate the Montevideo airport and added six more airports to the company’s concession contract in exchange for an additional investment commitment of $67 million.
The company and its parent Cerealsur are units of Corporación América Airports S.A., a NYSE-listed company and the world’s largest private sector airport concession operator based on the number of airports under management. The parent company manages a total of 52 airports in seven countries across Latin America and Europe.
The Greenberg Traurig team on this transaction was led by New York-based Shareholders Marc M. Rossell, a member of the firm’s Corporate Practice and co-chair of the Latin America Practice, and Oscar Stephens, also part of the Corporate and Latin America Practices. Other team members included Foreign Legal Consultant Santos Gonzalez Victorica and Corporate Practice Associate David Stuzin, both in Miami; and Tax Practice Shareholder Erez Tucner and Tax Associate Mirae Park, both in New York.
About Greenberg Traurig: Greenberg Traurig, LLP (GT) has approximately 2,300 attorneys in 40 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 25 on the Am Law Global 100. The firm is net carbon neutral with respect to its office energy usage and Mansfield Rule 4.0 Plus Certified. Web: www.gtlaw.com