(Bloomberg) -- A Mexican government-controlled trust bought back about $482 million of debt it sold for an airport that was never built as part of a bid to cut down the amount that will come due in coming years for the failed project.

The Mexico City Airport Trust said holders of four series of bonds — with maturities ranging from 2026 to 2047 — agreed to a tender offer by a deadline Tuesday. The trust, which is backed by the government, had sought to repurchase as much as $993 million of the $4.2 billion it still owes on the notes. 

Mexico started selling the debt in 2016 to build a new airport serving the nation’s capital. The plan was scrapped by President Andres Manuel Lopez Obrador shortly after he came to office. Even though the project was never finished, the government has continued to pay for the bonds by channeling fees from the existing Benito Juarez International Airport. 

The notes rallied this year amid recovering international air travel and after the president announced the navy would take over operation of the Benito Juarez airport. That fed expectations that the government could buy back all the debt. The bonds have fallen since August after no such plan emerged. The partial buyback, launched earlier this month, will be executed using funds held by the airport trust itself. 

Still, the debt, on average, has returned 6.3% this year, compared to a return of about 4% for Mexico corporate notes, according to a Bloomberg index.

Read More: Mexico Unbuilt Airport Bonds Sink on Report Buyback Plan Shelved

Here’s the breakdown:

  • The government bought back $134 million of bonds due 2026 compared to a tender cap of $172.5 million
  • It bought back $107.8 million of bonds due 2028; tender cap was $164.1 million
  • It bought back $30 million of bonds due 2046; tender cap was $164.1 million
  • It bought back $209.6 million of bonds due 2047; tender cap was $492.5 million

--With assistance from Michael O'Boyle.

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