The Santo Domingo, Dominican Republic office of Squire Sanders acted as local counsel for J. P. Morgan Securities LLC as sole initial purchaser in the successful issuance by Aeropuertos Dominicanos Siglo XXI, S.A. (“Aerodom”) of US$550 million of 9.250% Senior Secured Notes due 2019, with Bank of New York Mellon as Trustee. This is the largest international bond offering, at the lowest interest rate, by a private corporation in the history of the Dominican Republic. Partner Pedro O. Gamundi, Senior Associate Rhina M. Martinez and Associate Leyla Hernandez handled this transaction on behalf of the firm.
Aerodom has an exclusive right, through March 31, 2030 to operate, maintain and develop the six airports that comprise the public airport system in the Dominican Republic, including Las Américas International Airport located in Santo Domingo, the country’s largest city. Las Américas is one of the principal international gateways to the Caribbean and handles the second-largest volume of passenger traffic and the largest volume of cargo in the Dominican Republic.
The net proceeds from the offering will be used by Aerodom for the repayment of outstanding debt, for general corporate purposes, including capital investments, and to make a distribution to its shareholders.
