Mayer Brown represents investors in Bermuda airport public-private partnership
20 March 2017
Mayer Brown represented the noteholders as investors on the private placement of US$285 million of 5.90 percent senior secured notes due 2042 issued by Bermuda Skyport Corporation Limited, the operator of the L.F. Wade International Airport in Bermuda. Proceeds of the issuance will be used for the design, reconstruction, operation and maintenance of the airport.
Structured as a public-private partnership, the original concession was agreed between the government of Canada, represented by Canadian Commercial Corporation, and the government of Bermuda. At financial close, the government of Canada’s obligations were novated and assigned to Bermuda Skyport Corporation Limited and the government of Bermuda’s obligations were novated and assigned to the Bermudan Airport Authority. The Minister of Finance of Bermuda hailed the airport redevelopment as “one of the most important capital projects ever undertaken in our island.”
The Chicago-based Mayer Brown team included Banking & Finance partners Douglas Doetsch and Nadav Klugman, counsels Daniel Whitmore and Kevin McDonald, and associate Ian Lindsay.