Swissport Group has refinanced debts worth €1.5 billion to repay existing debts, for organic growth and to make acquisitions.
The refinancing includes €410 million of 5.25% senior secured notes, €250 million of 9% senior notes and a €850 million term loan B facility at EURIBOR plus 4.75%.
The 5.25% senior secured notes will mature on 15 August 2024 and have been issued at 100% of par value.
The 9% senior notes will mature on 15 February 2025 and have been issued at 100% of par value, with interest being paid on the 15th day of February and August from 2020.
Swissport will use the net proceeds from the notes and term loan B facility to repay outstanding borrowings consisting of existing outstanding term loan B facilities, an existing outstanding revolving credit facility and to fully redeem the aggregate principal amount of existing secured and senior notes, and pay transaction fees and expenses.
Eric Born, president and CEO of Swissport International says: “The successful refinancing significantly increases our cash position and enables us to further enhance our leading global market position through organic growth opportunities and selective bolt-on acquisitions. At the same time, we continue to focus on improving our customer service delivery and reducing our cost structures across the globe.”