CAAP Announces Its Subsidiary ICASGA, Receives Indemnification Payment Related To The Friendly Termination Of Its Concession Agreement; Gross Indemnification Payment Of R$610.4 Million
Portfolio Pulse from Benzinga Newsdesk
Corporación América Airports S.A. (NYSE:CAAP) announced that its subsidiary ICASGA received a gross indemnification payment of R$610.4 million due to the friendly termination of its concession agreement for the Natal airport in Brazil. The payment will positively impact CAAP's Adjusted EBITDA by R$610.6 million in 4Q2023. The net indemnification amount will be disclosed after accounting for regulatory deductions, taxes, and costs, as well as pre-payment of ICASGA's debts. The transition to a new operator is expected to be completed by early March.
January 08, 2024 | 9:36 pm
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CAAP's subsidiary ICASGA received a R$610.4 million indemnification payment, which will have a positive impact on CAAP's Adjusted EBITDA in 4Q2023. The company will also pre-pay ICASGA's outstanding debts and expects to complete the transition to a new operator by early March.
The indemnification payment is a significant financial gain for CAAP, which will positively affect its earnings report for the fourth quarter of 2023. The payment is substantial and directly impacts the company's financials, leading to a likely increase in investor confidence and a potential short-term rise in stock price.
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