DR Airport Operator Targets $550m Bond

Airport operator Aeropuertos Dominicanos Siglo XXI (Aerodom) is meeting the buyside this week, according to investors, ahead of what could be a $550m bond sale. The operator of 6 of the 9 airports in the Dominican Republic was due to meet West Coast accounts Thursday, with JPMorgan managing. In assigning a Ba3 rating, Moody’s notes Aerodom’s strong market position, control over approximately 42% of all passenger traffic in the Dominican Republic, expectations of continued economic and tourism growth, and a proven ability to increase regulatory tariffs. The notes are being issued to refund all of Aerodom’s existing debt, as well as to provide a one-time distribution to Advent International, an equity sponsor at the Latin American Airport Holdings parent.