Swissport to close Aerocare acquisition by 7 March; secures EUR 325 million finance from Barclays
Switzerland- headquartered Swissport and the shareholders of Aerocare have extended the completion date for the previously announced acquisition of Aerocare by Swissport to March 7, 2018.
February 1, 2018: Switzerland- headquartered Swissport and the shareholders of Aerocare have extended the completion date for the previously announced acquisition of Aerocare by Swissport to March 7, 2018.
Swissport has received an additional partial repayment of the Affiliate Loan from HNA Group in the amount of EUR 52 million. The intention is for Swissport to partially refinance an Affiliate Loan to a subsidiary of the HNA Group with a maturity of May 7, 2018, in an amount no greater than the balance of the current Affiliate Loan, which is maturing on February 6.
In addition, Swissport has secured an incremental term-loan B commitment from Barclays as exclusive and sole underwriter and arranger in the amount of EUR 325 million. This term loan will be drawn on or shortly before completion of the acquisition, which is scheduled to occur on or before March 7.
Upon completion of the Aerocare acquisition and the related financing, Swissport expects Pro Forma total net leverage to be in the range of 5.25x - 5.50x as at December 31, 2017.
Swissport continues to develop its plans for an IPO in the second quarter of 2018. The IPO will position Swissport for future growth with a diversified public shareholder base and significantly reduced leverage. The company is currently finalising the appointment of the global coordinators for the IPO.
Swissport International Ltd. provides ground services for more than 250 million passengers and handles 4.3 million tonnes of cargo a year on behalf of some 845 client-companies in the aviation sector. With a workforce of more than 65,000 personnel, Swissport is active at more than 279 stations in 48 countries across five continents and generates consolidated operating revenue of EUR 2.7 billion.
