Bomchil and Marval counsel on $10m loan to AA2000

Bomchil has counselled Aeropuertos Argentina 2000 (AA2000) in obtaining a $10,000,000 loan from Industrial and Commercial Bank of China Limited, Dubai Branch (ICBC). Marval O’Farrell & Mairal advised ICBC in Argentina, while Linklaters LLP acted as legal counsel to the banks in the US.

The financing was structured by way of an offshore loan, under which ICBC Dubai granted AA2000 the sum for a term of more than 3 years, at a variable rate equivalent to the 90-day SOFR rate plus a margin of 7.875%. In addition, ICBC Argentina acted as local escrow agent under the ICBC Offshore Loan.

The proceeds of the loan will be used primarily to fund capital expenditures required by the Concession Agreement.

The ICBC Offshore Loan is secured by the fiduciary assignment as security for the cargo fees received by AA2000 through Terminal de Cargas Argentina, a business unit of AA2000, under the trust agreement entered into on 9 August 2019 between AA2000 and the Citibank Branch, established in the Republic of Argentina, as trustee, as well as the cash flows that AA2000 is entitled to receive as trustee and beneficiary under the Tariff Trust.

AA2000 has been an airport concessionaire in Argentina since 1998, with the right – under a Concession Contract with the National State – to use, operate and manage 35 of the 54 airports in the Argentine airport system, including two of the busiest airports in Argentina.

Matías Filippo and Tomas Koch acted as in-house lawyers for ICBC Argentina.

Bomchil’s team was led by partner María Victoria Funes (pictured left), together with associate Emir Faita.

Marval’s team included partner Roberto E. Silva (pictured right), together with associate Pablo Lapiduz.

Linklaters’ team comprised partner Conrado Tenaglia, together with associate Juan Mata.