Clifford Chance advises Ecuadorian airport concessionaire Quiport on US$500 million debt issuance and concurrent consent solicitation

Global law firm Clifford Chance has advised Corporación Quiport S.A. (Quiport), as issuer, in connection with its offering of US$300 million aggregate principal amount of 9.000% senior secured notes due 2037 (the Notes). Concurrently with the offering of the Notes, Quiport also entered into a credit agreement with certain Ecuadorian lenders for an aggregate principal amount of US$200 million (the Ecuadorian Loans).

Quiport is the concessionaire of the international airport in Quito, Ecuador. The Notes are secured by a first-priority interest in certain assets, including an assignment of trust beneficiary rights and a 100% pledge over the equity interests in Quiport.

The proceeds of the Notes and the Ecuadorian Loans were partially used to refinance Quiport’s existing debt with its affiliate, International Airport Finance, S.A. (IAF), subsequently applied to redeem IAF’s outstanding 12.000% senior secured notes due 2033 (the Existing Notes). Additionally, Clifford Chance advised in IAF’s concurrent consent solicitation to the noteholders of its Existing Notes in connection with certain waivers to existing agreements to permit these transactions.

The Clifford Chance team advising on the transaction was led by partner Mariana Estévez and associate Paula Ferreira, with support from associates Julián Hurtado Vallejo, David Rondon, Cristian Ragucci and Pedro Vasques Milhinhos. Partner Avrohom Gelber and associates Joshua Thomas and Kade Moural advised on tax matters, partner Paul Koppel and associates Thomas Koh and Ivona Dimov advised on ERISA matters and partner Jefferey LeMaster and associate Emily Picard advised on Investment Company Act matters.