Aeropuerto Internacional de Tocumen gives early results of tender for 2036, 2048 notes

By Wendy Van Sickle

Columbus, Ohio, Aug. 5 – Aeropuerto Internacional de Tocumen, SA announced the early results of its cash tender offer for its $575 million outstanding 5 5/8% senior secured notes due 2036 (Cusip: 00787CAB8, P0092AAC3) and $862,962,975 outstanding principal amount of 6% senior secured notes due 2048 (Cusip: 00787CAC6, P0092AAD1), according to a news release.

The outstanding amount of the 2048 notes reflects amortization with a scaling factor of 98.62434%.

The tender offer and a concurrent consent solicitation were announced on July 23, and the early tender time was 5 p.m. ET on Aug. 4.

By the early deadline, holders had tendered $565,821,000, or 98.4%, of the 2036 notes and $770,745,000, or 88.09%, of the 2048 notes.

Holders had to validly tender their notes and provide their consents at or before the early date to be eligible to receive a $50.00 per $1,000 bond early tender payment.

Including the early payments, the total consideration for the 2036 notes is $1,145.00 per $1,000 principal amount and the total consideration for the 2048 notes is $1,170.00 per $1,000 principal amount.

The tender offer will expire at 11:59 p.m. ET on Aug. 18.

The tender offer and the consent solicitation are conditioned upon, among other things, the settlement of a new offering of senior notes, and notes could not be tendered without consents.

To effect the proposed amendments of the notes, Tocumen had to obtain consents from holders of a majority of the outstanding notes of each series. The requisite consents were received by the early deadline.

The issuer was seeking to eliminate substantially all restrictive covenants of the indenture, eliminate certain events of default and add a right to a clean-up call and modify certain provisions relating to the collateral in the trust agreement, the intercreditor agreement and the assignment agreement.

BofA Securities Inc. (646 855-8988, 888 292-0070) and Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) are dealer managers of the tender offer and consent solicitation.

Global Bondholder Services Corp. (212 430-3774) is the information and tender agent.

The airport is located in Panama City.

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