ASUR Announces That Aerostar Signs Lease For Luis Munoz Marin Airport
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR) today announced that Aerostar Airport Holdings signed a lease agreement today for the Luis Munoz Marin international airport in San Juan, Puerto Rico with the Puerto Rico Ports Authority (. Aerostar won the right to enter into the Lease Agreement following a public bidding process in which the Puerto Rico Public-Private Partnership Committee declared Aerostar the winner on July 19, 2012. Aerostar is a limited liability company owned 50% by each of ASUR and Highstar Capital IV.
The closing of the Lease Agreement is subject to a number of conditions precedent, including approval of the Lease Agreement and the award of a Part 139 operating certificate by the U.S. Federal Aviation Administration, the accuracy of representations and warranties made by the PRPA in the Lease Agreement, certain other governmental approvals, and other customary conditions precedent. Aerostar expects to submit an application for FAA approval shortly.
The Lease Agreement has a term of 40 years and involves an upfront payment of $615 million, which is expected to be funded by a mixture of debt financing incurred by Aerostar and equity contributions by each of ASUR and Highstar Capital IV. During the term of the Lease Agreement, Aerostar will be required to make annual revenue-sharing payments to the PRPA, fixed at $2.5 million per year for the first five years, 5% of gross airport revenues for the sixth through the thirtieth years and 10% of gross airport revenues for the thirty-first through fortieth years.
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