Copenhagen Airport Refinancing
WestLB London successfully reached Financial Close on the refinancing of Copenhagen Airport’s HoldCo debt facilities. BU SF Infrastructure acted as Coordinating MLA with five other lenders and Bookrunner on the DKK 5.3bn (EUR 711m) Facilities. WestLB is also providing an interest rate swap to the borrower.
The original facility was provided in 2006 to fund the acquisition of a majority stake in the Airport by Macquarie Airports and Macquarie European Infrastructure Fund III. The new financing structure improves the borrower’s credit profile and incentivises gradual refinancing of the 5 and 7 year term facilities through capital market issuances. The structure includes flexibility for the sale of Macquarie Airports’ stake to Ontario Teachers’ Pension Plan during the course of the year.
Copenhagen Airport is the dominant transport hub in the Scandinavian region handling 21.5m passengers in 2010 and making it one of the 20 largest European airports by passenger throughput.