Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

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

TRENDING
Baidu Weighs Spinoff of AI Chip Unit for Independent Listing
Nvidia Welcomes U.S. Nod to Sell H200 AI Chips in China
Chinese Chip Heavyweight Abandons Acquisition of Server Firm
LATEST
Chinese Chip Heavyweight Abandons Acquisition of Server Firm
Nvidia Welcomes U.S. Nod to Sell H200 AI Chips in China
Baidu Weighs Spinoff of AI Chip Unit for Independent Listing
Huawei’s Ren Downplays Chip Shortage, Touts AI for Industrial Value
China’s AI Chip Leaders Ride IPO Wave Amid Drive for Tech Self-Sufficiency
Tsing Micro Raises Over 2 Billion Yuan in State-Backed Round as China Ramps Up AI Chip Push
Synthetic Biology at Scale Could Reshape Food and Materials Systems, Expert Says
ByteDance in Talks With Smartphone Makers to Embed AI Assistant
Lenovo Executive Urges AI Startups to Take On Tech Giants
Infinigence AI Raises 500 Million Yuan to Expand Heterogeneous Computing Platform
Alibaba’s Quark Unit Launches AI Glasses Powered by Qianwen Model
Pony AI Plans to Triple Robotaxi Fleet to 3,000 by 2026 as Revenue Jumps
China’s Semiconductor Software Push Gains Traction Amid U.S. Curbs
Alibaba Scales Back Retail Spending, Dismisses AI Bubble Fears
Huawei Slashes Flagship Phone Price Amid Slowing Shipments
China’s CXMT Takes Aim at Global Leaders With High-End DDR5 Memory Chips
Alibaba’s Profit Plunges 72% on Costly Foray Into Instant Retail
Xiaomi, Founder Stem Stock Rout With $115 Million Buyback
Analysis: Soaring Legacy Chip Prices Spark Windfall — and Risk — Across Supply Chain
Alibaba, Ant Race to Catch Rivals in China’s AI App Boom
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