Squire Patton Boggs Plays Key Role in Aerodom’s Multijurisdictional US$533 Million Refinancing

    View Contact / News /Santo Domingo

    A team of Squire Patton Boggs lawyers has played a key role in assisting airport concessionaire Aeropuertos Dominicanos Siglo XXI (Aerodom) with the refinancing of US$533 million through a notes offering under Rule 144 A/Reg S and syndicate loan, which is believed to be the largest refinancing transaction for a company based in the Dominican Republic.

    Led by Vinci Airports, as new owner of Aerodom, the transaction consisted of a refinancing of the outstanding amount of the US$550 million of Senior Notes issued by Aerodom in 2012 under Rule 144-A. In the 2012 transaction, Squire Patton Boggs acted as Dominican counsel to JP Morgan Securities, who was the Initial Purchaser and bookrunner. The complex deal involved three separate transactions, including a tender offer of the existing 2012 bond issue; the offering of a US$317 million Senior Secured Notes; and a US$216 million Senior Secured Lending Facility by local and international banking institutions due in 2024.

    “This transaction may be the first of its kind of a company operating in the Dominican Republic in terms of complexity and sophistication. We do not regularly see two-pronged refinancings in this country, and it is quite rare to see notes issued at such low rates in the international markets,” said Pedro Gamundi, who co-led the Squire Patton Boggs team.

    Rhina Martinez, who co-led the firm’s team, commented, “Given the long period of sound macro-economic policies and a stable political climate here in the Dominican Republic, I expect to see an increasing growth of interest from foreign investors for assets located in the country in 2017.”

    Squire Patton Boggs served as legal counsel to the Bank of Nova Scotia, Banco Popular Dominicano and Intesa Sanpaolo as lead arrangers and bookrunners; and JP Morgan and Scotia Capital as initial purchasers. The Santo Domingo-based team was led by partners Pedro Gamundi and Rhina Martinez and associate Miguel Cano.

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