Swissport completed exchange offer and refinancing

On August 11, 2017 Swissport Group (“Swissport”) closed the refinancing of its €660 million Term Loan B (“TLB”) credit agreement, which included an exchange offer involving more than 90% of its existing noteholders. Swissport refinanced the credit agreement by raising a new €460 million TLB and paid down the remaining €200 million balance with cash on hand, utilizing a portion of the funds received by way of a €718 million equity injection from HNA Group in April 2017. The exchange offer was in relation to Swissport’s 6.75% Senior Secured Notes due 2021 and 9.75% Senior Notes due 2022. Noteholders whose notes were not exchanged remain holders of Swissport's existing notes through maturity, unless Swissport exercises its option to redeem such notes before then. The new TLB was raised by Swissport Financing S.à r.l. as part of Swissport’s desire to redefine its capital structure. A new distinct credit and covenant perimeter was created that encompasses Swissport's entire business operations, preserving the integrity of the collateral package for the benefit of investors. Fasken advised Swissport on Canadian law matters of the refinancing and exchange offer with a team led by John Elias and including Félix Gutierrez, Marc Novello and Ao Chen (banking & finance), Gabriel Castiglio, Alex Nikolic and David Steinhauer (corporate finance), Stuart Brotman (insolvency & restructuring) and Ron Nobrega (tax).