On February 10, 2016 HNA Group Co. Ltd. (“HNA Group”) closed its US$2.8 billion acquisition of Swissport Group (“Swissport”) from PAI Partners. With the closing, Swissport became a stand-alone business within HNA Group.
In conjunction with the acquisition, approximately €1.5 billion of debt financing was raised. The debt financing involved multiple hybrid cross-border financing components that included a €660 million Term Loan B, a €400 million senior secured high yield bond, a €290 million senior unsecured high yield bond and an up to CHF150 million revolving credit facility.
HNA Group, a Fortune Global 500 Company and a leader in aviation and tourism, is a multinational conglomerate encompassing aviation, airport management, financial services, real estate, retail, tourism, and logistics.
Swissport is the world´s largest provider of ground and cargo handling services in the aviation industry.
HNA Group was advised on the acquisition financing as to Canadian law matters by a Fasken Martineau team led by John Elias and including Félix Gutierrez and Jay Choi (banking & finance), John Sabetti, Gabriel Castiglio and Justine Connors (corporate finance), Stuart Brotman (insolvency & restructuring) and Ron Nobrega (tax).
