August 25, 2021

Milbank Advises Initial Purchasers on Fourth Tocumen Airport Bond Offering and Concurrent Tender Offers and Consent Solicitation


Milbank LLP advised the initial purchasers in a $1,855 million secured bond issuance by Aeropuerto Internacional de Tocumen, S.A., the Panamanian government-owned operator of the country’s principal airport, in Panama City and as dealer managers in concurrent tender offers to buy back its existing 2036 and 2048 senior secured notes and the consent solicitation to amend the old notes, the related indenture governing such notes and the related security documents.

This is the fourth international bond offering by the issuer completed by Milbank. Proceeds from the notes were used to finance the tender offer of the old notes, fund related transaction accounts (including the COVID recovery account) and repay existing bank debt.

The Milbank deal team was led by Marcelo Mottesi, Chair of Milbank’s Global Capital Markets practice and co-head of the firm’s Latin America Group and Dan Bartfeld, head of Milbank’s Global Project, Energy and Infrastructure practice and co-head of the firm’s Latin America Group, with Global Capital Markets associates Andres Osornio, Maria Velasco, Marcela Barba, Jordan Dror and Jasmine Khaneja and Global Project, Energy and Infrastructure associate Katherine Hannah. The team also included Tax partner Andrew Walker and associate David Hanno.

Mr. Mottesi said, “We are pleased to once again assist the initial purchasers on another bond issuance by Tocumen. This is a significant transaction that will strengthen infrastructure and transportation services throughout Panama.”

Mr. Bartfeld said, “Milbank is extremely active in the Latin America infrastructure space and we are very pleased to support on this successful project bond transaction. We continue to see a very strong market for 144A project bonds.”

Milbank continues to have the lead legal role in many of the most significant Latin American infrastructure matters and regularly advises clients on a wide range of securities, financing and acquisition transactions. Milbank has advised on a number of transportation infrastructure projects across the Americas including the Pacífico 1 Toll Road Holdco Financing, 144A Social Project Bond for Puerta de Hierro Toll Road in Colombia, the Expansion Financing for Lima Airport, GIC in the Successful Joint Acquisition of Red de Carreteras de Occidente and the Pamplona-Cúcuta Toll Road Project, among others. The firm was recently recognized as “Global Legal Adviser of the Year” and “Latin America International Legal Adviser of the Year” by IJGlobal and “Latin America Legal Advisor of the Year” by Proximo.