Eric Born delays departure from Swissport again

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Eric Born has delayed his departure from Swissport for another year subject to successfully refinancing the company’s debts.

The president and CEO of Swissport International was due to leave at the end of this year but subject to successful refinancing by 30 September 2019, he will stay until the end of 2020.

He was initially going to stand down at the end of 2018 before agreeing to stay on until 31 December 2019, then further postponing his departure for another year.

Swissport Group, indirect parent company of Swissport International, Swissport Financing and Swissport Investments intends to refinance some outstanding debt with new senior credit facilities and new notes.

Refinancing will consist of a new €75 million revolving credit facility, a new €50 million delayed draw loan facility, an aggregated principal amount of €1.2 billion across a new term loan B facility and offering new euro denominated senior secured notes, along with €280 million of new euro-denominated senior notes.

Swissport has also released preliminary financial results for the first half of 2019, with revenue increasing 6.1% to €1.5 billion and operating EBITDA growing 7.3% to €121.9 million.

Second quarter revenue was up 3% to €776.5 million and operating EBITDA dipped slightly from €76.4 million in 2018 to €76.2 million this year.