The latest innovative deal out of Latin America is finally fueling up - this time from the Dominican Republic - as six airports prepare to launch a $170 million securitization backed by airport revenues, a deal that has been in the works for more than a year. Interestingly, Italy-based Banca IMI is leading the transaction and Wings, as the deal is called, will feature credit enhancement from both the InterAmerican Development Bank (IDB) and XL Capital, the first time the IDB will provide credit enhancement to a wrapped deal.

Wings is being targeted for September; however, given the complexity of the transaction, a source familiar with the transaction said if it does not close by the target date, it would definitely close before year-end. The bank is working on the legal documentation that should be delivered to the originators soon, and some points of the deal are still being negotiated with XL, the source said.

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