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VINCI has completed the refinancing of the Dominican Republic airport package PPP project, raising a total US$533 million of new senior financing.

USA-based international law firm Orrick has advised Aeropuertos Dominicanos Siglo XXI, S.A. (AERODOM), the Dominican airport operator, and its parent, VINCI Airports S.A.S., in the refinancing transaction.

The transaction involved a combination of a US$317 million Rule 144A/Regulation S offering of 6.750% Senior Secured Notes due 2029 and a US$216 million term loan facility, the proceeds of which were used primarily to finance a tender offer for Aerodom’s existing 9.250% Senior Secured Notes due 2019, and the satisfaction and discharge of the indenture governing the existing notes.

As we reported in early April 2016, Vince acquired Aeropuertos Dominicanos Siglo XXI, SA (AERODOM), a Dominican company holding a concession contract with the Dominican Government to operate six airports in the Dominican Republic until March 2030. 

AERODOM has a 30-year build-operate-transfer concession agreement to operate the airports, which include:

• Las Américas International airport, serving Santo Domingo, the country’s capital, with a total traffic amounting to 3.5 million passengers.
• Gregorio Luperón airport in Puerto Plata, the gateway to the island’s second largest tourist destination, with 804,000 passengers.
• Presidente Juan Bosch and Arroyo Barril airports near Samaná, La Isabela in Santo Domingo and María Montez in Barahona, serving a total of 202,000 passengers.