Narrative
Full Description
Project narrative
On November 29, 2023, financial close was reached on a deal in which a syndicate of six banks — including the Industrial and Commercial Bank of China (Europe) S.A. (ICBC Europe) — entered into a €360.00 million EUR ($396.08 million USD) senior secured syndicated term loan agreement with Azzurra Aeroporti S.p.A. — a holding company organized under the laws of Italy whose core business is the management of a 64% stake in Groupe Aéroports de la Côte d'Azur S.A. (ACA), a French public airport concession company that manages Nice Côte d’Azur and Cannes airports under an agreement with the Government of France, that is jointly owned by Mundys S.p.A. (formerly Atlantia S.p.A.) (52.51% equity stake), Aeroporti di Roma, itself 99.38% owned by Atlantia (10% equity stake), Sky Cruise S.a.s., a company of EDF (24.99% equity stake), and S.M.I.A., a Monaco government-owned company (12.5% equity stake) — for refinancing purposes. This loan carried a maturity period of 3.5 years and a final maturity date in May 2027 with extension options up to January 2029. The loan had a conversion option to transform it into a sustainability-linked facility, to be exercised within six months of financial close. The proceeds were to be used by the borrower to finance the redemption of the first tranche of the existing €360 million EUR notes, expiring in May 2024. Each lender, including ICBC, contributed €60.00 million EUR ($66.01 million USD) to the loan syndicate. In addition to ICBC, the following lenders contributed to the loan syndicate: Banca Nazionale del Lavoro S.p.A. (BNL), BPER Banca S.p.A., Intesa Sanpaolo S.p.A. – IMI Corporate & Investment Banking, MUFG Bank, Ltd., and UniCredit S.p.A..