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.
The Shearman & Sterling team included partner Manuel Orillac (New York-Capital Markets); associates Kevin Younai (New York-Capital Markets), Antonio Herrera (San Francisco-Capital Markets), Jeffrey Tate (Washington, DC-Tax) and Michael Daly (Washington, DC-Tax); and visiting attorneys Enrique Barros (New York-Capital Markets) and Lili Abascal (New York-Capital Markets).