Aeropuertos Argentina 2000 (AA2000) is readying a cross-border bond sale that could come to market as soon as next week.
The Argentine airport operator could issue $400m in 10-year notes after postponing a bond sale late last year, a market source said.
Moody’s has assigned a B2 rating to AA2000’s proposed bond with a stable outlook. The rating reflects the airport operator’s strong traffic and revenue trends, the rating agency said in a report. It also considers the “significant proportion of revenues originated by international travel to Argentina.”
AA2000 will use the proceeds from the bond sale to pay off the $180m in existing 10.75% 2020 notes. AA2000 raised $300m from the 10-year notes in a deal managed by Credit Suisse and Morgan Stanley in 2010.
AA2000 has hired Morgan Stanley and Oppenheimer to lead its next bond issue, according to a debt capital markets source away from the banks.