MEXICO CITY, Dec. 3, 2018 /PRNewswire/ -- The Ministry of Finance and Public Credit announced today that the Mexico City Airport Trust ("MEXCAT") will shortly launch a transaction addressed to investors in the US$6.0 billion of MEXCAT's international notes (the "Notes"). The transaction is part of a comprehensive plan to address the contractual rights of all interested parties in the development of airport infrastructure in the Mexico City metropolitan area.
In light of policy changes announced by the incoming Mexican government, the sponsor of the Texcoco Airport is evaluating whether to continue with the development of the Texcoco Airport. MEXCAT will offer to purchase for cash a portion of the Notes and solicit consents from the holders of the Notes to certain amendments to the indentures governing the Notes and other related agreements. The main purpose of the tender offers and consent solicitations will be to provide MEXCAT flexibility in the event of any policy changes by the new administration. Specifically, MEXCAT will seek to:
- purchase a portion of the outstanding debt, which is anticipated to materially deleverage the trust and
- amend the Indenture for each series of Notes and related agreements to remove certain covenants and events of default relating to the Texcoco Airport and to release the security interest over the passenger charges and other assets relating to the Texcoco Airport.
The Notes will continue to be secured by a first-priority security interest over the passenger charges and other assets relating to the Benito Juárez Airport.
The tender offers and consent solicitations are part of a comprehensive plan to address the arrangements relating to the Texcoco Airport with various investors, third party contractors and other stakeholders, including holders of certificates issued by the Mexico City Airport FIBRA E. Grupo Aeroportuario de la Ciudad de México intends to engage with these interested parties to address their contractual rights and ensure they are treated fairly and in accordance with customary market practice in these types of situations.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO PURCHASE, A SOLICITATION OF AN OFFER TO PURCHASE OR A SOLICITATION OF CONSENT WITH RESPECT TO ANY SECURITIES. THE OFFERS ARE BEING MADE SOLELY PURSUANT TO THE STATEMENT AND RELATED LETTER OF TRANSMITTAL, WHICH SET FORTH THE COMPLETE TERMS OF THE OFFERS WHICH HOLDERS OF THE NOTES SHOULD CAREFULLY READ PRIOR TO MAKING ANY DECISION.
This press release contains forward-looking statements. Forward-looking statements are information of a non-historical nature or which relate to future events and are subject to risks and uncertainties. No assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions. The Ministry of Finance and Public Credit undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.
SOURCE Ministry of Finance and Public Credit