Swissport Cargo Group successfully closed and settled its debt refinancing. The refinancing includes €410 million of senior secured notes, €250 million of senior notes and a €850 million term loan B facility. Swissport is using the net proceeds from the refinancing to repay existing debt.
The closing and settlement includes 5.25 percent senior-secured notes in an aggregate principle amount of €410 million, and 9.00 percent senior notes in an aggregate principle amount of €250 million. The Group also closed a €850 million term loan B facility at Euribor plus 4.75 percent.
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“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,” says Swissport International AG President and CEO Eric Born, “At the same time, we continue to focus on improving our customer service delivery and reducing our cost structures across the globe”.
Swissport is using the net proceeds from the offering of the notes and the 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 its existing outstanding senior secured and senior notes and to pay transaction fees and expenses in connection with this refinancing.