Bristol Airport completes debt refinancing

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Bristol Airport completes debt refinancing

Bristol Airport has completed refinancing of its £279 million (US$426.4 million) funding package from a consortium of five banks.

Ontario Teachers' Pension Plan is the sole owner of the airport having acquired Macquarie European Infrastructure Fund's 50% shareholding in October 2014.

Altitude Aviation Advisory has provided traffic and commercial support for the successful long term re-financing of Bristol airport. Funds were provided by a range of banks and institutional investors.

In October 2012 a bank group comprised Commonwealth Bank of Australia, Credit Agricole CIB, HSH Nordbank, RBS and Export Development Canada provided the £279 million refinancing of Bristol Airport. The term, capex and working capital facilities, together with an equity injection from shareholders, refinanced the previous bank financing put in place in 2005.

Bristol Airport is the leading airport serving the south west of England and South Wales with 6.3 million passengers and generating £39 million (US$59.6 million) EBITDA in the year ending 31st December 2014. It is 13 km southwest of Bristol city center.

A planning application for an on-site 251-room hotel was approved in 2010. In February 2014, a planning application was submitted for a revision to the previously approved design, with a 201-room hotel to be built initially, followed later by a 50-room addition. In February 2015, the airport announced that the 201-room hotel would be completed by spring 2016, and will be operated as a Hampton by Hilton. It will be funded, built and owned by China International Marine Containers (CIMC) Modular Building Systems.

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