Mexico City Airport Trust Completes Tender Offer and Consent Solicitation for Outstanding Notes

January 02, 2019

New York – Paul Hastings LLP, a leading global law firm, represented Citigroup, HSBC and J.P. Morgan, as dealer managers and solicitation agents, in a tender offer and consent solicitation for the outstanding debt securities of the Mexico City Airport Trust. Prior to the transaction, the outstanding notes were in the amount of $6 billion across four series, with maturities in 2026, 2028, 2046 and 2047. The purpose of the transaction was for the issuer to repurchase $1.6 billion of the outstanding notes, provide for an annual note repurchase fund, and make certain amendments to the indentures for the notes that would allow the new administration of the Mexican federal government to carry out its controversial plan to cancel the construction of the new airport project in Texcoco, near Mexico City.

Paul Hastings previously represented Citigroup, HSBC and J.P. Morgan as initial purchasers when the notes were issued in September 2016 and September 2017. Paul Hastings also represented the global coordinators, administrative agent and lenders in a $3 billion bank financing for the Texcoco airport project in 2015.

Latin America practice partners Mike Fitzgerald and Joy Gallup led the Paul Hastings team, which also included partner Andrew Short, associates Eduardo Gonzalez and Matthew Tippett, and foreign associate Emilio Miñon.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.

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