Fuente: Latin Lawyer Online

Puerta del Sur, the concessionaire of Montevideo's international airport, has completed what one local counsel calls the "the largest issuance" of bonds in Uruguay.

The notes, worth US$87 million, pay interest at 7.75 per cent and are due in 2021. They were successfully sold out within three hours on 30 April. the funds raised are for the construction and purchase of equipment for new terminal at Montevideo's Carrasco airport.

Nicolás Piaggio, a partner at Guyer & Regules, who advised Puerta del Sur, says the speed at which the notes sold out shows how successful the deal was. According to Piaggio, it is also the largest ever issuance of notes in Uruguay, excluding sovereign securities and bank Euronotes.

The net proceeds of the issue have gone to an administration trust, where they will be isolated from Puerta del Sur. "This will enhance the structure and ensure that disbursements correspond to the project and are in line with the works and stages", Piaggio says.

Puerta del sur has also assigned most of its operative incomes to a security trust to secure the payment of the notes. These incomes include airline landing prices, passengers' fees, and proceeds to be paid by duty-free shop and cargo concessionaires.

The Uruguayan Electronic Stock Exchange, BEVSA, acted as the noteholder's representative entity. ABN AMRO Uruguay is in charge of keeping the funds in custody.

Marcos Payssé Muxí of Olivera & Delpiazzo, who acted for BEVSA, says his client's involvement was a major boost to the deal: "The active participation of BEVSA along with the other parties contributed to achieving the best possible product, which led to the notes successfully selling out in only three hours."

Puerta del Sur is part of the Aeropuertos Argentina 2000 Group, controlled by Eduardo Eurnekian. New-York based Uruguayan architect Rafael Viñoli is designing Carrasco airport's new terminal.

The Uruguayan markets have been busy in recent months, sealing the country's recovery from the 2002 crisis. In April LATINLAWYER reported on what was then the country's largest bond issue ever made, which was trumped by news in early May of a US$100 million bond programme. Last week we reported on another landmark offering, this time by a financial trust.

Counsel to Puerta del Sur:

Guyer & Regules

Partners Nicolás Herrera, Juan Manuel Albacete, Nicolás Piaggio and associates Beatriz Viera, Joaquin Idoyaga.

Counsel to Bolsa Electrónica de Valores del Uruguay - BEVSA:

Olivera & Delpiazzo

Partner Ricardo Olivera García and associate Marcos Payssé.

Counsel to ABN AMRO:

Estudio Jiménez de Aréchaga, Viana & Brause

Partner Fernando Jiménez de Aréchaga and associate Nicolás Herrera.