Aerodom’s $533 Million Debt Refinancing with Concurrent Notes Offering and Credit Facility

Orrick advised Aeropuertos Dominicanos Siglo XXI, S.A. (“Aerodom”), the Dominican airport operator, and its parent, VINCI Airports S.A.S., in a refinancing transaction raising a total US$533 million of new senior financing.

The transaction involved a combination of a US$317 million Rule 144A/Regulation S offering of 6.750% Senior Secured Notes due 2029 and a US$216 million term loan facility, the proceeds of which were used primarily to finance a tender offer for Aerodom’s existing 9.250% Senior Secured Notes due 2019, and the satisfaction and discharge of the indenture governing the existing notes.

Aerodom has been granted an exclusive concession to operate, maintain and develop the six airports that comprise the public airport system in the Dominican Republic, one of the largest and fastest-growing economies in the Caribbean and Central America. In April 2016, Aerodom was acquired by VINCI Airports., one of the five largest airport operators in the world in terms of passengers, from Advent International. Orrick also previously advised VINCI Airports in its acquisition of Aerodom.

The Orrick team for the financing transaction was led by energy and infrastructure partner Yves Lepage (Picture), banking and finance partner Bill Haft and capital markets partner Stephen Ashley, and included banking and finance senior associates Emin Guseynov and Julie Eum, capital markets senior associate Kenneth Marx, banking and finance associates Peter Tringali, Courtney Mitchell and Cristina Radu, tax partner John Narducci and tax senior associate James Larkin.

Headrick Rizik Alvarez & Fernández has advised Aerodom with Jaime Senior, Eileen Jiménez, María Teresa Acta and Elizabeth Silfa.

Squire Patton Boggs has advised Scotiabank, Banco Popular Dominicano, Intesa Sanpaolo, JP Morgan and Scotia Capital with Pedro Gamundi, Rhina Martínez and Miguel Canó.

Milbank Tweed Hadley & McCloy has advised Banco Popular Dominicano, S.A.,Scotiabank, Intesa Sanpaolo S.p.A., New York Branch, al Popular Bank Ltd., Banco Lafise Panamá, S.A., and Banco Dominicano del Progreso S.A. with James Ball, Carolina Walther-Meade, Daniel Bartfeld, Ben García, Gladisley Sánchez, Felipe Lima, Andrés Arnaldos Montaner, Carolyn Miller and Lindsay Hall.

Involved fees earner: Jaime Senior – Headrick Rizik Alvarez & Fernández; Eileen Jiménez Cantisano – Headrick Rizik Alvarez & Fernández; María Teresa Acta – Headrick Rizik Alvarez & Fernández; Elizabeth Silfa – Headrick Rizik Alvarez & Fernández; Pedro Gamundi – Squire Patton Boggs; Rhina Martínez – Squire Patton Boggs; Miguel Cano – Squire Patton Boggs; Carolina Walther-Meade – Milbank; Daniel Bartfeld – Milbank; Andrés Arnaldos Montaner – Milbank; Carolyn Miller – Milbank; Lindsay Hall – Milbank; Ben Garcia – Milbank; James Ball – Milbank; Felipe Barros Lima – Milbank; Stephen Ashley – Orrick; Kenneth Marx – Orrick; William Haft – Orrick; Emin Guseynov – Orrick; Julie Eum – Orrick; Peter Tringali – Orrick; Courtney Mitchell – Orrick; Yves Lepage – Orrick; John Narducci – Orrick; James Larkin – Orrick;

Law Firms: Headrick Rizik Alvarez & Fernández; Squire Patton Boggs; Milbank; Orrick;

Clients: Intesa Sanpaolo S.p.A.; JP Morgan; Scotiabank; Scotia Capital Inc.; Banco Popular Dominicano, S.A.; VINCI Airports SAS; Aeropuertos Dominicanos Siglo XXI, S.A.; Popular Bank, Ltd; Banco Lafise Panamá; Banco Dominicano del Progreso;


Author: Ambrogio Visconti