Grupo Aeroportuario de la Ciudad de Mexico, a sponsor of Mexico City New International Airport, has completed a $1 billion mini-perm loan for project financing relating to the construction of the airport.
The transaction consisted of a structured financing involving a private Mexican trust, where Nacional Financiera SNC acted as borrower and the trust is backed by the airport usage tariff (TUA) generated by the existing Mexico City International Airport, according to a statement.
Financing was obtained from a syndicated loan, with BBVA Bancomer (Mexico) as administrative agent and HSBC (USA), Citigroup (USA) and Banco Inbursa (Mexico) as joint lead arrangers and joint book runners, the statement said.
Jones Day acted as legal adviser to the financing of the project, which also requires the negotiation of TUA assignment agreements, a borrower trust agreement, lenders' security trust and a service agreement between Aeropuerto Internacional de la Ciudad de Mexico SA de CV and the lenders' security trust.
The new airport will require an investment of $9.2 billion, which will be obtained in the first stage through governmental and private funding sources. The new six-runway airport will have the capacity to handle more than 50 million passengers per year initially, and expand to reach 120 million passengers per year by 2060, according to the statement.
Grupo Aeroportuario de la Ciudad de Mexico is a Mexican wholly-owned government entity.