Cleary Gottlieb has been recognized by LatinFinance in several categories of the 2016 Project and Infrastructure Finance Awards for its work on the financing of the new Mexico City international airport.
The Grupo Aeroportuario de Ciudad de México (GACM) transaction was recognized in the Best Airport Financing, Best Infrastructure Financing: Mexico and Best Loan categories. LatinFinance noted that the revolving credit facility “featured some special elements to mitigate risks to lenders.” GACM used a five-year revolving credit facility, which saved on the cost of borrowing compared to a bond financing and mitigated construction risks with a tariff structure that contributes to the payment for the new airport.
In the third stage of financing for this mega-project, GACM completed the largest-ever green bond transaction in Latin America. The new travel hub, scheduled to open in 2020, is expected to be Latin America’s busiest airport.
LatinFinance presented the awards at a ceremony in New York City on September 29, 2016.