Mexico City Airport begins capped tender offers for four note series

By Marisa Wong

Los Angeles, Nov. 7 – Mexico City Airport Trust (Mexcat) has begun tender offers to purchase for cash notes from four series, with tender caps for each series, according to a press release.

Mexcat is offering to purchase the following:

• Up to $172.5 million of the $700.01 million outstanding 4¼% senior secured notes due 2026 (Cusip: 59284MAA2, P6629MAA0) at $950;

• Up to $164.1 million of the $700 million outstanding 3 7/8% senior secured notes due 2028 (Cusip: 59284MAC8, P6629MAC6) at $907.50;

• Up to $164.1 million of the $700 million outstanding 5½% senior secured notes due 2046 (Cusip: 59284MAB0, P6629MAB8) at $765; and

• Up to $492.5 million of the $2,100,004,000 outstanding 5½% senior secured notes due 2047 (Cusip: 59284MAD6, P6629MAD4) at $765.

The early tender considerations listed above are per $1,000 principal amount. The early tender consideration includes an early tender premium of $50 per $1,000 of notes tendered by the early tender deadline.

Holders tendering after the early tender deadline will only be eligible to receive the late tender consideration, which is equal to the early tender consideration less the early tender premium.

In addition, the issuer will pay accrued interest to but excluding the applicable settlement date.

The early tender deadline and withdrawal deadline are at 5 p.m. ET on Nov. 17.

If the issuer elects to have an early acceptance date, early settlement will be no later than three business days after the early acceptance date.

The offers will expire at 5 p.m. ET on Dec. 5. Final settlement will follow soon after that.

The offers are not contingent on the tender of any minimum principal amount of notes for any series. However, the offers are subject to some other conditions, including a financing condition.

Tenders may be subject to proration.

The issuer said it may increase any of the tender caps at its discretion without extending the withdrawal deadline.

Barclays (212 528-7581, 800 438-3242) and Santander US Capital Markets LLC (212 940-1442, 855 404-3636) are dealer managers for the tender offers.

The depositary and information agent is Global Bondholder Services Corp. (212 430-3774 for banks and brokers, 855 654-2015; https://gbsc-usa.com/mexcat/).

Mexcat is a special purpose entity based in Mexico City.

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