August 16, 2019 / 8:40 AM / 3 months ago

HNA Group's Swissport wraps up debt refinancing

FILE PHOTO: Swissport airport workers walk across the tarmac at Liverpool John Lennon Airport in Liverpool northern England, May 19 , 2016. REUTERS/Phil Noble

ZURICH (Reuters) - HNA Group’s Swissport has completed a debt refinancing package that will let the airport ground services business repay existing debt, the Swiss unit said on Friday.

The round includes 5.25% senior secured notes in an aggregate principle amount of 410 million euros (374.83 million pounds) and 9.00% senior notes worth 250 million euros. The group also closed an 850 million euro term loan B facility at EURIBOR plus 4.75%, it said.

“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”, Eric Born, president and CEO of Swissport International AG, said in a statement.

Reporting by Michael Shields; Editing by Michelle Martin

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