Brussels Airport has received commitments from 15 lenders for 1.15 billion euros ($1.5 billion) of loans to refinance its debt, according to two people with knowledge of the matter.
The deal comprises a 500 million-euro term loan, a 250 million-euro capital expenditure facility and a 50 million-euro credit line maturing in 2018, said the people, who asked not to be identified because the terms are private. The transaction also includes a three-year 350 million-euro term loan.
The five-year portions of the debt pay initial interest of about 140 basis points, or 1.4 percentage points, more than the euro interbank offered rate, said the people. Margins on the loans will rise each year to a maximum of about 225 basis points more than Euribor.
Brussels Airport, 75 percent-owned by investors including Ontario Teacher’s Pension Plan Board and Macquarie Group Ltd., raised 500 million-euro senior secured notes this week as part of the refinancing deal. The company is replacing about 1.2 billion euros of debt as well as other costs, according to a statement from Fitch Ratings.
Jan Van der Cruysse, a spokesman for the airport, didn’t return two telephone calls seeking comment on the financing. Officials in the company’s press office didn’t reply to an e-mail.
Aegis Group Plc, Banco Santander SA, Bank of Tokyo-Mitsubishi UFJ Ltd., Belfius Bank SA/NV, BNP Paribas SA, Credit Agricole SA, Export Development Canada, ING Groep NV, Lloyds Banking Group Plc, Natixis, Royal Bank of Canada, Royal Bank of Scotland Group Plc, SEB AB, Societe Generale SA, Sumitomo Mitsui Financial Group Inc. are providing the loans, said the people.