Washington, DC-CIFI, a leading Latin America infrastructure financing firm, has announced it approved an US$8 million loan as part of a US$40 million refinancing package also arranged by CIFI. Funds will be used to realign Tagsa's balance sheet and create a more appropriate funding structure, and to finance the Company's 2007 and 2008 capital expenditure program. The US$40 million being raised by CIFI will be complemented with shareholders' subordinated long term loans and a parallel senior loan from a local bank.
About TAGSA Terminal Aeroportuaria de Guayaquil S.A. ("Tagsa"), an Ecuadorian company, was established by Corporación América S.A. (Aeropuertos Argentina 2000) and Dell Air Services (Deller Group of Quito) to act as the concessionaire of the Guayaquil Airport, under a fifteen and a half year concession to build a new international passenger terminal (amongst other works) and operate the airport of Guayaquil, Ecuador. Tagsa began operating the airport in August 2004. Initial investments and operations through December 31, 2006 were completed successfully and the new terminal was inaugurated in August 2006.