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The Luxembourg Stock Exchange (LuxSE) listed and admitted to trading on 22 December a high-yield bond issue from Swissport, the world's largest provider of ground and cargo handling services in the aviation industry.
Swissport is in the process of being acquired by HNA Group, owner of China's fourth-largest airline, and the proceeds of this bond issue will be used for refinancing Swissport’s existing debt, in connection with the proposed acquisition.
With a total issue amount of EUR 690 million, the bond issue is made up of senior secured notes of EUR 400 million, paying 6.750% interest and due in 2021, and senior notes of EUR 290 million, paying 9.750% interest and due in 2022. All interest is payable semi-annually.
Lead managers for the deal were Barclays and J.P. Morgan.
LuxSE has listed four other bonds from Swissport companies since 2011.
Swissport provides services on behalf of some 800 client companies, has workforce of around 61,000 and is active in 48 countries across five continents. Under HNA’s ownership, Swissport intends to continue expanding its global footprint.
