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Grupo Aeroportuario de la Ciudad de Mexico sponsors $1 billion mini-perm loan for construction of Mexico City New International Airport

October 2014

Jones Day advised Grupo Aeroportuario de la Ciudad de Mexico, S.A. de C.V., as sponsor, in a $1 billion mini-perm loan for the project financing of the Mexico City New International Airport. The transaction consisted of a structured financing involving a private Mexican Trust, with Nacional Financiera, S.N.C. acting as borrower, backed by the airport usage tariff (TUA) generated by the existing Mexico City International Airport. The transaction is designed as a non-recourse financing against the Mexican Government.

The financing was obtained from a syndicated loan with BBVA Bancomer (Mexico), as administrative agent, HSBC (USA), Citigroup (USA), and Banco Inbursa (Mexico), as joint lead arrangers and joint bookrunners. The transaction also required the negotiation of TUA Assignment Agreements, Borrower Trust Agreement, Lenders Security Trust, and a Service Agreement between Aeropuerto Internacional de la Ciudad de México, S.A. de C.V. and the Lenders Security Trust.

The new airport will require an investment of US$9.2 billion, which will be obtained in the first stage through governmental and private funding sources. The new airport will have the capacity to handle more than 50 million passengers per year initially, and expand to six runways to reach 120 million passengers per year by 2060.

Grupo Aeroportuario de la Ciudad de Mexico is a Mexican wholly-owned government entity, holding of Aeropuerto Internacional de la Ciudad de México, S.A. de C.V. and Servicios Aeroportuarios de la Ciudad de México, S.A. de C.V.

The Firm is acting as legal advisor with respect to the financing of the project, but is also advising on corporate, environmental, and regulatory matters; legal structure; and concession granting.

The Jones Day team in Mexico was led by Alberto de la Parra (Projects & Infrastructure - Partner) and Arturo de la Parra (Banking & Finance - Associate), and included Regina Fajardo (Projects & Infrastructure - Intern). Additionally, participated in this transaction Mauricio Llamas (Government Regulation - Partner), Salvador Gallo (Projects & Infrastructure - Associate), Mauricio Villegas (Government Regulation - Associate), María Pérez Borja (Labor & Employment - Associate), and María Teresa Souza (Government Regulation- Associate).

For additional information about this matter, please contact: Alberto de la Parra, Arturo de la Parra

Client(s): Grupo Aeroportuario de la Ciudad de México, S.A. de C.V.
Office(s): Mexico City