Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Live is Caixin Global's real-time news portal, featuring 24-hour breaking news, short-form analysis, and roundups from business and social media in China.

TRENDING
Chinese Companies Usher in Age of Synthetic Meat
AI Startup Plans IPO at Value of at Least $1 Billion — in China
Huawei’s First 5G Commercial Phone Gets Warm Response Despite Limited Networks
LATEST
Cathay Pacific CEO Hogg Resigns Amid Hong Kong Protests
Ninebot’s New Scooter Can Drive Itself Back to Charging Stations
Oppo to Unveil New Smartphone With 20x Zoom
Chinese Companies Usher in Age of Synthetic Meat
Record-Smashing Chinese Animation to Get Overseas Releases
WTO to Arbitrate China’s Complaints About U.S. Solar-Cell Tariffs
Vipshop Stock Soars After Q2 Results Beat Expectations
Japan Replaces China as Largest Holder of U.S. Government Debt
Huawei’s First 5G Commercial Phone Gets Warm Response Despite Limited Networks
AI Startup Plans IPO at Value of at Least $1 Billion — in China
Alibaba Q2 Revenue Jumps 42%, Beating Estimates But Slower Than Year Earlier
Baidu’s $66 Billion Dive Knocks It Out of China’s Internet Top 5
Beijing Grants Foreign Investors Wider Access to Entertainment Industry
Tencent-Backed Maoyan Turns Profit on Strong Ad Growth
Chinese App-Makers Smell Opportunities in Strict Trash-Sorting Rules
Casino Giant Galaxy Entertainment’s H1 Profit Drops 7% as High-Rollers Stay Away
Chinese Internet Sector Grows 17.9% Year-on-Year: MIIT
Xiaomi Receives Licenses for Second 5G Phone
Coal Industry Looks to Robots for Increased Safety
No Investor Love for Tencent, Lenovo and Luckin in Latest Reports
HNA-Backed Swissport Plans $1.8 Billion Debt Refinancing

By Bloomberg / Jul 30, 2019 05:37 AM / Business & Tech

Photo: Bloomberg

Photo: Bloomberg

Swissport International, the airport cargo handler owned by Chinese conglomerate HNA Group Co., said it plans to refinance some of its outstanding debt amid stable earnings growth.

According to a Swissport statement Monday, its 1.6 billion euro ($1.8 billion) refinancing includes a 75 million euro revolving credit facility, a 50 million euro delayed-draw loan facility, an aggregate principal amount of 1.23 billion euros across a new term loan B facility and offering of euro-denominated senior secured notes, and an offering of 280 million euros of new euro-denominated senior notes

The company plans to use about 712 million euros of the proceeds to repay existing term loan facilities, it said. It will deploy about 628 million euros to fully redeem outstanding existing notes of Swissport Financing issued in 2017. Swissport reported 3% growth in revenue for the three months ended June 30 while its earnings were largely unchanged.

HNA, which bought Swissport for 2.73 billion Swiss francs ($2.8 billion) in 2015, previously held talks to sell the division to potential bidders including Brookfield Asset Management Inc. and Cerberus Capital Management, people familiar with the matter said. The Chinese company is working to sell billions of dollars in assets after an acquisition spree left it with one of the highest levels of corporate debt in China.

While the company’s debt refinancing is the main focus, a potential sale of the company has not been ruled out, people familiar with the matter said. A spokesman for HNA declined to comment.

Swissport, which also offers ticketing, cabin cleaning and aircraft maintenance, had previously been slated for an initial public offering before the consideration of a sale. The conglomerate decided to postpone the share sale last year, citing a volatile market.

Related: Embattled HNA Offloads Beijing Office Building

Share this article
Open WeChat and scan the QR code
Copyright © 2019 Caixin Global Limited. All Rights Reserved.