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Demanding times
01 April 2006
The recent up tick in airport financing has been both a source of new business and angst for lenders. Have concessions – and their operators – become too demanding? Airfinance Journal canvasses two of the leading sponsors in airport development.
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Airlines
ATA
Aviation
The airport development industry is one of the few that can point to a very real and very damaging period after the September 2001 terrorist attacks on the US. Operators and lenders have vivid memories of the slump in passenger numbers and the financial distress that followed.
Since the start of 2005, airports in Ankara, Dalaman, Brussels, Bangalore, Hyderabad, Bristol, Copenhagen and, most recently, Istanbul (see box) have closed financings in euro, rupee, sterling and dollar debt – and the pace is not slowing. The £1.3 billion ($2.25 billion), 75-year Budapest Airport concession acquisition by BAA will be funded by a combination of acquisition/project type debt arranged by RBS and Lloyds TSB.
The €500 million ($598 million) Cyprus Airport concession facility – lead arranged by ING RBS, WestLB and SG for the Hermes Airports consortium – is also expected to reach financial close in May, and a A$1...
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