Bond offering and credit facility comprise refinancing for six airports in the Dominican Republic
Milbank, Tweed, Hadley & McCloy LLP represented a group of international banks and the initial purchasers in a US$533 million refinancing transaction by Aeropuertos Dominicanos Siglo XXI, S.A. combining a senior secured bank credit facility and offering of senior secured notes.
Santo Domingo-based Aeropuertos Dominicanos Siglo XXI, known as Aerodom, operates and manages six airports in the Dominican Republic. The Aerodom Shareholders, VINCI Airports Atlantica S.A.S. and VINCI Airports Dominicana S.A.S., are owned by VINCI Airports S.A.S.
The transaction closed in January 2017.
Milbank advised Banco Popular Dominicano, S.A. – Banco Múltiple; The Bank of Nova Scotia; and Intesa Sanpaolo S.p.A., New York Branch, as lenders and joint lead arrangers, as well as J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. as initial purchasers.
Milbank’s loan team was led by Project, Energy and Infrastructure Finance partners Carolina Walther-Meade and Dan Bartfeld, with associates Andrés Arnaldos Montaner and Lindsay Hall. Capital Markets partner James Ball led Milbank’s bond offering deal team, assisted by special counsel Ben Garcia and associates Gladisley Sánchez and Felipe Lima.
“We are pleased to work with our important banking clients on a major bank and bond financing that bolsters the airport system in the Dominican Republic, one of the fastest-growing economies in the Caribbean and Central America,” said Ms. Walther-Meade. Mr. Ball adds that “the bond markets continue to have appetite for well-structured airport financings with strong sponsors.”
Mr. Bartfeld, global practice group leader for Milbank’s Project, Energy and Infrastructure Finance practice, said: “The financing of transportation infrastructure projects in the region is expanding significantly, and we are honored to support our international clients in billions of dollars of financings in this industry in just the past two years. We certainly expect to see more world-class transportation infrastructure activity continue in 2017.”
Milbank’s Project, Energy and Infrastructure Finance and Capital Markets practices have both received global recognition from industry publications receiving Firm of the Year honors and regularly recognized for Deals of the Year accolades – particularly in the transportation infrastructure space
