Simpson Thacher represented ACI Airport SudAmérica, S.A., a Spanish corporation, in connection with its Rule 144A and Regulation S offering of US$200 million aggregate principal amount of 6.875% Senior Secured Guaranteed Notes due 2032. The amortizing Notes are guaranteed by the issuer’s sole subsidiary, Cerealsur S.A., a Uruguayan corporation. The Notes are secured by a pledge of all of the capital stock of Cerealsur and Cerealsur’s sole subsidiary, Puerta del Sur S.A., a Uruguayan corporation, as well as by certain accounts. The proceeds from the offering will be used principally to repay certain outstanding debt, fund a debt service reserve account relating to the Notes and for general corporate purposes, including the payment of a dividend to ACI Airport’s parent and affiliates.
Cerealsur is a holding company and, through Puerta del Sur, operates Carrasco International Airport in Montevideo, Uruguay, pursuant to a long-term Concession Agreement with the Uruguayan government. ACI Airport is controlled by Corporación America S.A., which, in addition to other businesses, directly and indirectly currently operates 53 airports around the world, including 46 in Latin America.
The Simpson Thacher team for the transaction included David Williams, Michael Nathan, Jaime Mercado, Kirsten L. Davis and Diego Kexel (Capital Markets); Jonathan Pall (Collateral); and Noah Metz (Tax).