Swissport EUR200 debt repayment and refinancing project enters effect

Swissport confirmed (11-Aug-2017) the refinancing project previously announced on 11-Jul-2017 is now effective. The solution comprises a new capital structure strategy, with EUR200 million of gross debt repayment, and the creation of a new distinct credit and covenant perimeter for the group in respect of the credit facility and new notes. The Group refinanced its EUR660 million Term Loan B (TLB) by raising a new EUR460 million TLB, and paid down the remaining EUR200 million balance with cash on hand, utilising a portion of the funds received by way of a EUR718 million equity injection from HNA Group in Apr-2017. The company stated the repayment of EUR200 million in gross debt leaves Swissport in a strong financial position, with "sufficient liquidity to meet its obligations and the financial flexibility to pursue attractive growth opportunities". [more - original PR]