ACI Airport Sudamérica commences exchange offer for 6.875% senior secured notes due 2032

MACI Airport Sudamérica, S.A., based in Uruguay, has announced the commencement of an offer to repurchase and exchange any and all of its outstanding 6.875% Senior Secured Guaranteed Notes due 2032 in the original aggregate principal amount of USD 200,000,000 for newly issued 6.875% Cash/7.875% PIK Senior Secured Guaranteed Notes due 2032, the company said.

The New Notes will amend and restate the indenture, dated as of May 7, 2015, under which the Existing Notes were issued. The terms of the New Notes will be substantially identical to the terms of the Existing Notes.

Following the enactment of the Proposed Amendments, the Existing Notes and the New Notes will be secured on a pari passu basis by the collateral, except that the Existing Notes will have a debt service reserve account separate and independent from the debt service reserve account for the New Notes.

Existing Notes tendered for repurchase and exchange may be validly withdrawn and the related Consents may be revoked at any time prior to 5:00 p.m. (New York City time) on May 7, 2020, unless extended by the Company in its sole discretion (the “Withdrawal Deadline”).

The Exchange Offer and the Consent Solicitation are part of the Company´s plan to mitigate the impact of the unprecedented COVID-19 pandemic that has heavily impacted the global aviation sector which lead to a drastic reduction in passenger traffic.

ACI Airport Sudamérica, S.A. is the sole stockholder of Cerealsur S.A., a holding company and through its wholly owned subsidiary, Puerta del Sur S.A., operates the Aeropuerto Internacional de Carrasco. PdS is also indirectly owned by Corporación América Airports S.A., a private sector airport concession.