Airport concessionaire canceled ON early to reprofile its debt

The company Gates of the South, concessionaire of Carrasco International Airport, made use of the early repayment option of its Negotiable Obligations (ON) debt, launched in 2007 for the equivalent of US $ 87 million on the Montevideo Stock Exchange, as reported by the company to the Bank’s Financial Services Superintendency Central (BCU). In the midst of a pandemic, lThe company had already agreed at the time with its creditors to defer payments and amortizations of this series of ON in view of the collapse that its business suffered due to the closure of borders and the cancellation of commercial flights with Uruguay by different airlines.

Meanwhile, in accordance with the issuance document, together with the payment of capital and accrued interest, Puerta del Sur must pay an additional amount equivalent to 4% of the principal balance owed to its creditors, explains the note before the BCU. The term of the issuance of the ON was 14.5 years with an annual interest rate of 7.75%.

According to the last risk rating report made by FIX Scr (affiliated with Fitch Ratings), the company had to appeal for a new bank loan for US $ 10 million to meet the capital and interest repayments of the ON in 2021, although the canon to be paid (to the State for the concession) and the dividends to be distributed for US $ 6 million must also be incorporated.

According to what was approved by the ON holders’ meeting on April 24, 2020, principal payments for April 2020 and November 2020 are deferred to April and November 2022.

As El Observador learned, the The company chose to cancel its debt in ON in advance to “reprofile” its longer-term indebtedness. To obtain the resources to cancel the ON, Puertas del Sur appealed to bank financing and also to private funds. The company plans to close 2021 with traffic 80% below 2019, the last (normal) year before the pandemic.

In its report, the rating agency FIX projected a “gradual recovery” of the business from 2022.

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