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Rome Airport - Sale of Interest in ACSA and Debt Refinance - Release by Macquarie International Infrastructure Fund Limited's Investment in Macquarie Airports |
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22 September 2005 Macquarie Airports (MAp) today notes that Aeroporti di Roma (AdR) has reached definitive agreement to dispose of its 20% interest in Airports Company South Africa (ACSA) and has successfully completed the refinancing of its €490 million revolving and term loan facilities. ACSA Sale AdR reached definitive agreement with South Africa’s Public Investment Corporation (PIC) for the sale of its 20% interest in ACSA on 19 September, 2005. PIC will pay R1,675 million (approximately €215 million) for the 20% interest in ACSA held by AdR. The transaction is subject to customary regulatory approvals which are expected to be satisfied before the end of 2005. A consortium led by AdR acquired the 20% interest in 1998 for R819 million. Macquarie Airport’s CEO, Ms Kerrie Mather said, “The successful sale of ACSA is a positive development at AdR. The sale has been completed in a timely manner and at an attractive price and will enable management to focus on the core activities of operating Fiumicino and Ciampino Airports in Rome.” Proceeds from the sale will be applied towards pre-funding AdR’s future capital expenditure, mandatory debt prepayment and dividend payments in accordance with AdR’s financing agreements. Macquarie Africa and Deutsche Bank acted as joint financial advisers to AdR on the sale. Refinancing of Bank Debt Facility Unrelated to the above transaction, AdR successfully completed the refinancing of its €490 million revolving and term loan facilities on 20 September, 2005. The refinancing was completed entirely in the bank debt market. The new €490 million revolving and term loan facilities extend the maturity profile of the bank tranche to 2012 and will result in a significant reduction in margins of 0.85% per annum from 2006 based on AdR’s current credit ratings. Of the new bank debt €290 million has been drawn. There is no change in the overall amount of AdR's debt facility. The reduction in the term facility from €395 to €290 million, financed through the utilisation of surplus cash, is offset by a corresponding increase in the revolving facility, which may be utilised as required for AdR’s corporate requirements and working capital purposes. Ms Kerrie Mather said “The successful refinancing reflects the continuing improvement in Rome Airport’s business performance and once again demonstrates the financial markets' recognition of the resilience and future growth prospects of the airport business.” Mediobanca and Unicredit Banca Mobiliare are the Mandated Lead Arrangers and Bookrunners for the refinancing. The other Mandated Lead Arrangers are Barclays Capital, Calyon Corporate and Investment Bank and WestLB. For further information, contact:
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