Fra­port signs fund­ing deal with 5 lenders

Kathimerini English - - Focus -

Five lead­ing fi­nan­cial in­sti­tu­tions have signed a long-term fi­nanc­ing agree­ment with Ger­man-Greek con­sor­tium Fra­port Greece, which will soon be man­ag­ing, op­er­at­ing, up­grad­ing and main­tain­ing 14 re­gional Greek air­ports un­der a 40-year con­ces­sion con­tract. The agree­ment is for to­tal fi­nanc­ing of 968.4 mil­lion eu­ros. The lenders are Al­pha Bank (par­tici-

The op­tion the Econ­omy Min­istry granted to re­gional au­thor­i­ties to set their own dates for in­ter­me­di­ary sales pe­ri­ods has cre­ated ma­jor rifts among au­thor­i­ties, traders’ as­so­ci­a­tions and em­ploy­ees. Deputy re­gional heads should de­cide on the dates of the 30 days of sales per year us­ing the ad­vice of traders as guid­ance. pat­ing with 284.7 mil­lion eu­ros), the Black Sea Trade & De­vel­op­ment Bank (62.5 mil­lion), the European Bank for Re­con­struc­tion & De­vel­op­ment (186.7 mil­lion), the European In­vest­ment Bank (280.4 mil­lion), and the In­ter­na­tional Fi­nance Cor­po­ra­tion (154.1 mil­lion), a mem­ber of the World Bank Group. IFC is also the sole provider of euro in­ter­est rate hedg­ing swaps to help Fra­port Greece hedge po­ten­tial fluc­tu­a­tions in in­ter­est rates through the term of the loan. Over two-thirds of the to­tal amount (688 mil­lion eu­ros) will be used to cover the upfront pay­ment (of 1.234 bil­lion eu­ros) due to state sell-off fund TAIPED upon the air­ports’ de­liv­ery, while 280.4 mil­lion will be used to fi­nance up­grad­ing work at the 14 air­ports. Mean­while, Fra­port Greece re­cently an­nounced a cap­i­tal in­crease rais­ing the com­pany’s to­tal cap­i­tal to 650 mil­lion eu­ros, most of which will go to­ward the upfront pay­ment. The con­sor- tium also an­nounced yes­ter­day that it had reached an agree­ment with Hel­lenic Duty Free Shops for the ex­pan­sion of the re­tailer’s com­mer­cial spa­ces at the 14 air­ports from 5,000 square me­ters to al­most 12,000 sq.m., com­bined with the exclusive re­tail rights at those ter­mi­nals.

In­ter­me­di­ary sales.

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