Swissport ups term B to €850 million, firms at Euribor plus 475 bps

By Sara Rosenberg

New York, Aug. 9 – Swissport Financing Sarl upsized its five-year covenant-lite term loan B (B2/B-) to €850 million from €730 million and finalized pricing at Euribor plus 475 basis points, the low end of the Euribor plus 475 bps to 500 bps talk, according to a market source.

The term loan B still has a 0% floor and an original issue discount of 99.

Barclays is the bookrunner on the deal and the administrative agent.

Proceeds will be used to help refinance existing debt, add cash to the balance sheet and pay related fees and expenses.

Other funds for the transaction will come from €410 million of senior secured notes, downsized from €500 million, and €250 million of senior notes, downsized from €280 million.

Swissport is a Zurich-based ground handling and cargo service provider.

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