Network

Explore our global network and our service portfolio on six continents and find your local contact at 286 airports worldwide. Learn more

News

In our newsroom you can find media releases and background stories, along with company publications and contacts to our media relations team. Learn more

Careers

People are the foundation of our company’s success. Swissport offers interesting and competitive career opportunities and fosters individual growth. Learn more


Customer Login Become a supplier
Back
Back
Back
Back
Back
Back
About
About
About
About
Our Services
Our Services
Our Services
Our Services
Our Services
News
News
News
News
Sustainability
Sustainability
Sustainability
Careers
Careers

Swissport receives further partial loan repayment

Swissport receives a further USD 100 million (approximately EUR 83 million) repayment on its affiliate loan to HNA Group and agrees to a temporary remedies standstill period. Swissport will use funds from the repayment to prepay a portion of its own, existing term-loans, reducing its net debt position and significantly improving its leverage ratio.

Swissport has received a further repayment of USD 100 million (approximately EUR 83 million) from HNA Group in partial satisfaction of HNA Group's obligations under its outstanding affiliate loan owing to Swissport in the aggregate original principal amount of approximately EUR 360 million which was due for repayment in full on 7 May 2018.

With this repayment, the outstanding balance of the affiliate loan will be reduced to approximately EUR 286 million. In connection with the USD 100 million repayment, Swissport agreed to forbear from exercising remedies to collect the remaining unpaid balance under the Affiliate Loan for a period of five months. Swissport has received a forbearance fee of EUR 150,000, included in the USD 100 million payment.

Swissport is applying funds from the repayment by HNA Group to prepay a rateable portion of its existing term-loans, including a portion of the term-loans that were used to partially finance the acquisition of Australian ground handling company Aerocare. The acquisition was successfully completed on 7 March 2018, strengthening Swissport’s market position, especially in Asia Pacific, where it sees attractive prospects.

“In line with our medium-term financial plan and just two months after successfully completing our strategic acquisition of Aerocare, we can make a first prepayment on Swissport’s existing term-loans”, says Christian Goeseke, Group Chief Financial Officer of Swissport International Ltd. “This significantly reduces our net debt”.

Swissport has agreed to forbear for a period of five month from exercising remedies to collect the remaining balance under the Affiliate Loan, due for repayment in full on 7 May 2018. Swissport continues to earn a market interest rate on the residual amount.

With the partial repayment from HNA Group, Swissport’s pro forma total net leverage will improve to roughly 5.04x from 5.37x as of 31 March 2018.