Swissport sale nearing completion
PAI Partners is one step closer to acquiring Swissport International. The company has closed secured-bond financing, a major step in the €654 million deal with Swissport's owner Ferrovial, which was first announced in November.
The financing will fund a portion of the merger costs and will also be used to refinance some of Swissport's debt. Citigroup Global Markets, Barclays, BNP Paribas and Royal Bank of Canada helped fund the seven-year bond, which will be issued in two payments.
Final closing of the deal is expected by the middle of February, sources said.
“We are very pleased to have secured this financing,” Per H. Utnegaard, Swissport International's president and CEO, said in a statement. “We are now looking forward to implementing our further growth plans together with our new future owners PAI partners.”