The Dominican Republic shattered records in 2024, welcoming 11.2 million visitors—more than its own population of 10.8 million. With tourism revenues topping $10.97 billion and contributing nearly 9% of GDP, the country has emerged as Latin America’s new per capita tourism powerhouse.
That surge in arrivals rests on solid infrastructure—and on one of the most innovative financings ever completed in the Caribbean. In June 2024, Aeropuertos Dominicanos Siglo XXI (Aerodom), a subsidiary of Vinci Airports, closed a $940 million refinancing package that stands as the largest private infrastructure transaction in Dominican history and the biggest airport financing in the region in more than a decade.
“This nearly one billion-dollar transaction is a milestone for financing in the Dominican Republic,” says Gregory Tan, a partner at Paul Hastings, which advised on the transaction.
The financing combined a $440 million senior secured term loan and letter-of-credit facility with a $500 million issuance of 10-year senior secured notes carrying a 7% coupon. Demand for the bond reached $3 billion—six times oversubscribed—underscoring international appetite for high-quality Dominican credit and confidence in the country’s growth trajectory. The dual-track execution of bank and bond products brought together a syndicate of 16 institutions and more than 200 global investors, blending long-term fixed-rate funding with shorter-term flexibility.
Proceeds from the financing were used to redeem Aerodom’s outstanding 2029 notes, pay the second installment of a $775 million concession fee owed to the Dominican government, and fund part of an $830 million capital investment program. The December 2023 concession extension secured Vinci’s mandate to operate six international airports through 2060, locking in a multi-decade framework for expansion.
Ratings agencies assigned the new capital structure a BB+—two notches above the Dominican sovereign ceiling—on the strength of Aerodom’s dollar-linked revenue base, strong liquidity protections and traffic volumes that already surpassed pre-pandemic levels. The bond achieved one of the highest oversubscriptions for a Latin American high-yield corporate in recent years and priced inside the company’s legacy bonds, signaling renewed investor confidence in the Dominican market.
The infrastructure impact is profound. Aerodom handled 6.85 million passengers in 2024, with Las Américas International Airport in Santo Domingo accounting for the vast majority of traffic. The financing will fund a new net-zero terminal at Las Américas capable of handling four million passengers annually by 2028, lifting overall system capacity by 50%. Other airports in Aerodom’s network—including Puerto Plata on the northern coast, La Isabela near Santo Domingo, and Barahona in the southwest—will also see upgrades to accommodate expanding tourism and emerging ecotourism markets.
Beyond capacity, the upgrades will reduce energy intensity by 30% through solar integration and smart-building systems, part of a broader $830 million sustainability-driven expansion. The program is expected to create as many as 30,000 new tourism-related jobs, anchoring the sector’s contribution to national development.
The refinancing also carries social resonance. Nearly 10% of Dominicans live abroad, with more than a million in the United States alone. The enhanced connectivity of Santo Domingo and Santiago airports strengthens the links between the diaspora and their homeland, bolstering remittance flows, cultural exchange and inclusive growth.
Strategically, the deal consolidates Vinci’s presence in Latin America, reinforcing its position as the world’s largest private airport operator. For the Dominican Republic, it delivers immediate fiscal relief through concession payments while mobilizing long-term private capital—without sovereign guarantees.
Executed in just four months, the transaction overcame volatile global markets and an 18-month hiatus in Dominican corporate issuance to set new benchmarks in structure and execution. The innovative pari-passu bond-and-loan stack, robust covenant package and seamless integration of international, regional and local stakeholders created a template already being studied by other concessionaires in the region.
By marrying scale, innovation and development impact, the Aerodom refinancing does more than modernize airports. It secures the Dominican Republic’s role as the Caribbean’s premier tourism hub for decades to come—and sets a new standard for airport financing across Latin America.
Airport Financing of the Year
Aeropuertos Dominicanos Siglo XXI (Aerodom)
$940m Project Financing: $440m Senior Secured Term Loan and LC Facility; $500m 7.000% Senior Secured Notes due 2034
Sponsors: Aeropuertos Dominicanos Siglo XXI (“Aerodom”); VINCI Airports
Joint Lead Arrangers: Banco Popular Dominicano; Banco Latinoamericano de Comercio Exterior S.A. (BLADEX); CIBC Caribbean; Citi; J.P.Morgan; Scotiabank
Financial Advisor: Scotiabank and Resonance Advisory (financial modeling)
Counsel to Sponsors: Paul Hastings, Headrick Rizik Alvarez & Fernández
Counsel to Lenders: Milbank; Squire Patton Boggs
All supporting financial institutions and law firms were transmitted to LatinFinance by the award category winners. For updates please email awards@latinfinance.com