Shearman & Sterling represented Aeropuerto Internacional de Tocumen, S.A., a Panamanian government-owned operator of the country’s principal international airport (“issuer”), in connection with the offering of US$575 million aggregate principal amount of its 5.625% senior secured notes due 2036 (“notes”). Citigroup Global Markets Inc. acted as sole initial purchaser for the offering.
Prior to the offering, the issuer successfully conducted a consent solicitation process and amended a previous issuance of bonds due 2023. The amendment conformed a series of financial covenants to the expected terms for the notes, expanded the collateral that secured the bonds and created a structure that permits future debt (including the notes) to share the collateral on a pari passu basis.
The notes were listed on the Panamanian Stock Exchange and the Luxembourg Stock Exchange.