Business Context and Reporting Period
This Form 6-K is filed by Corporación América Airports S.A. (CAAP) for the month of April 2020. The filing primarily addresses a material event involving CAAP's subsidiary, Aeropuertos Argentina 2000 S.A. (AA2000), regarding the restructuring of its debt obligations.
Key Financial Metrics
The filing does not provide consolidated revenue, profit, cash flow, or margin data for the period. The financial details are specific to a debt restructuring agreement:
- Total Debt Facility Amount: U.S.$120 million (comprising an onshore facility of U.S.$85 million and an offshore facility of U.S.$35 million).
- Deferred Principal Payments: Two payments of U.S.$13.3 million each, originally due on August 19, 2020, and November 19, 2020.
- New Repayment Schedule: Deferred amounts will be payable in quarterly installments from September 2021 through June 2022.
Material Changes
On April 29, 2020, AA2000 entered into a Framework Agreement with Citibank Argentina, ICBC, Banco Galicia, and Banco Santander. This agreement effectively defers principal payments under the 2019 Credit Facilities. This action satisfies a specific condition precedent ("2019 Credit Facilities Amendment Condition") required for AA2000's exchange offer memorandum dated April 21, 2020.
Outlook, Risks, and Management Commentary
The execution of the Framework Agreement was a necessary step to satisfy conditions for an ongoing exchange offer. AA2000 filed a relevant fact notice with Argentine regulatory bodies (CNV, Bolsas y Mercados Argentinos, and Mercado Abierto Electrónico) in connection with this agreement. The filing does not contain forward-looking guidance on operational performance or broader market risks beyond the immediate debt restructuring context.
Investor Verification Checklist
- Verify the terms of the Exchange Offer Memorandum dated April 21, 2020, to understand the full context of the debt restructuring.
- Review Exhibit 99.1 for the free translation of the relevant fact notice filed with Argentine authorities.
- Confirm the impact of the deferred payments on AA2000's liquidity position for the 2020 fiscal year.
- Monitor the quarterly installment schedule beginning in September 2021 for compliance with the new repayment terms.