Bomchil advises Aeropuertos Argentina 2000 on US$400 million international issuance

Bomchil advised Aeropuertos Argentina 2000 on the structuring under Argentine law of its international issuance of US$400 million in Class 12 secured notes. The transaction will enable the company to refinance debt, make capital investments provided for in its concession agreement and finance working capital.

The Bomchil team comprised partners Patricio Martin, María Victoria Tuculet and Florencia Pagani, together with associates Francisco Diskin, Delfina Tais Garagorry Ielpi, Lorenzo Devincenti and Juan María Luchetti. A&O Shearman advised the issuer on New York law with a team comprising partner Alejandro A. Gordano and associates Hugo Casella and Inés Espina.

Aeropuertos Argentina 2000 is the country’s principal private airport operator. It manages a network of 35 terminals that accounts for approximately 90% of Argentina’s air traffic, according to information provided about the transaction.

An international issuance secured under Argentine law

The notes were issued on 5 November 2026. They are denominated and payable in US dollars, bear a fixed nominal annual interest rate of 8% and mature in November 2036. The international placement was conducted under Rule 144A and Regulation S of the US Securities Act of 1933.

The security was established through a master trust created by Aeropuertos Argentina 2000 and governed by Argentine law. The Argentine branch of Citibank, N.A. acts as trustee for the benefit of the noteholders and other secured creditors. The notes were authorised for listing on Bolsas y Mercados Argentinos and for trading on A3 Mercados.

Placement and advisers

Citigroup Global Markets, Goldman Sachs and Santander US Capital Markets acted as international arrangers and placement agents. Banco BTG Pactual, through its Cayman Islands branch, and J.P. Morgan Securities participated as international placement agents. In Argentina, the placement was handled by Macro Securities, Industrial and Commercial Bank of China (Argentina), Banco de Galicia y Buenos Aires, Balanz Capital Valores, Banco Santander Argentina and Latin Securities.

Bruchou & Funes de Rioja advised the international arrangers and placement agents on Argentine law. Its team comprised partner José Bazán, senior associate Manuel Etchevehere and associates Mariana Carbajo and Gonzalo Vilariño. Milbank advised them on New York law with partner Adam Brenneman, special counsel Gonzalo Guitart, international lawyer Sebastian Garcia-Lascurain Barrantes and associate Mauricio Nieto Jaramillo.

Beccar Varela advised the master trust’s trustee on Argentine law. The team included partners Felipe Videla and Daniel Levi, mid-level associate Julian Ojeda and associate Federico Nicolás Gonzalez. On New York law, Alston & Bird advised the trustee and the registrar, paying and transfer agents with partner Adam Smith, senior lawyer Matthew C. Dow and associate Daniel Cordero.

Key facts

• Issuer · Aeropuertos Argentina 2000 S.A.
• Transaction · International issuance of US$400 million in Class 12 secured notes.
• Issue date · 5 November 2026.
• Interest rate and maturity · Fixed annual rate of 8%, maturing in November 2036.
• Use of proceeds · Debt refinancing, capital investments related to the concession and working capital.
• Issuer’s counsel · Bomchil on Argentine law and A&O Shearman on New York law.
• Counsel to the international arrangers and placement agents · Bruchou & Funes de Rioja on Argentine law and Milbank on New York law.