Cases & Deals

Grupo Aeroportuario de la Ciudad de Mexico sponsors $3 billion credit facility for construction of Mexico City New International Airport

Clients Grupo Aeroportuario de la Ciudad de Mexico, S.A. de C.V.

Jones Day advised Grupo Aeroportuario de la Ciudad de Mexico, S.A. de C.V. (GACM), as sponsor, in connection with a $3 billion revolving credit facility through a syndicated loan with HSBC, as administrative agent, Citigroup and JP Morgan, as global coordinators for construction of the Mexico City New International Airport.

The transaction included a syndication process in which BBVA Bancomer and Banco Santander participated as senior mandated lead arrangers; Banco Inbursa, Bank of Tokyo-Mitsubishi, Credit Agricole, and Scotiabank as arrangers; and Banco Sabadell, ING, Mizuho, and Sumitomo Mitsui as lead managers. Jones Day advised GACM in the syndication process.

The funds were obtained through a revolving credit facility and will be used to satisfy periodic investment requirements for the construction of the NAICM. Subject to the existing market conditions, the issuance of long-term debt bonds in the capital markets will serve to prepay and renew the revolving credit facility funds. Under this financial structure GACM guarantees the availability of the funds that are required for the construction of the NAICM.

The project is being carried out by the Mexican Federal Government through GACM, and will provide a solution to the increasing air traffic that the city faces. Additionally the new airport will improve access to the metropolitan area of Mexico City thereby improving the city's competitiveness.