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Aerostar closes on Luis Munoz without draw on bridge
28 February 2013
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[highstar]
[asur]
[aerostar]
[prpppa]
Aerostar Airport Holdings closed on the $2.6 billion lease of Luis Munoz Marin Airport concession on 26 February. The closed came after Aerostarreceived approval from the US Federal Aviation Administration (FAA) to operate the facility as a PPP. Aerostar, a joint venture of Highstar Capital and Grupo Aeroportario del Sureste (ASUR), paid a $615 million upfront fee for the 40-year concession at close.
Aerostar priced the $410 million financing supporting the acquisition of the concession in February. The financing is comprised of a $350 million bond issue, a three-year $50 million capital expenditure facility and a $10 million revolver due in 2015. The bond priced for a coupon 5.75%, slightly inside the indicative yield of 6% at which bookrunners Royal Bank of Canada and UBS launched the deal.
Luis Munoz Marin is the first airport to be privatised under...
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