Wiggin and Dana LLP Closes $245 Million Cross-border Financing of Mexico City Airport

January 31, 2006

In December 2005, Wiggin and Dana LLP closed a $245 million cross-border issuance of securitized notes backed by various income rights granted to our client Inmobiliaria Fumisa S.A. (Fumisa) by the Mexico City International Airport.  Fumisa is the operator of the privatized functions of the Airport, which is the largest in Latin America.  The $245 million in total issuance reflects two pari passu tranches, one for $180 million and the second for the Mexican peso equivalent of $65 million. The division of U.S. dollar and Mexican debt reflects the relative breakdown of cash flows derived in each currency. The transaction was structured so that cash flows in either currency flow through the transaction waterfall with a priority of payments that cross collateralizes each tranche. The notes were offered under Rule 144A and in reliance upon Regulation S under the Securities Act.
 
The transaction securitizes Fumisa's exclusive commercial rights to lease revenues at the Mexico City Airport for retail and commercial space, parking revenues and other related revenues. Norm Fleming of the New Haven office led the transaction with many other firm lawyers in the corporate, tax, financing and creditors' rights practices.