Hogan Lovells Advises on £279 Million Bristol Airport Refinancing
19 October 2012
LONDON, 19 October 2012 - Hogan Lovells advised the lending banks on the £279 million refinancing of Bristol Airport, owned by Macquarie European Infrastructure Fund and Ontario Teachers' Pension Plan.
The bank group comprised Commonwealth Bank of Australia, Credit Agricole CIB, HSH Nordbank, RBS and Export Development Canada. The term, capex and working capital facilities, together with an equity injection from shareholders, refinance the previous bank financing put in place in 2005. The refinancing completed on 19 October 2012.
The Hogan Lovells team advising was led by London infrastructure finance partner Andy Gallagher, assisted by senior associates Camille Astier and Cheryl Enayati and associate Peter Flew.
Commenting on the transaction, Andy Gallagher said:
"We are pleased to have advised the lenders on this transaction, a successful example of an increasing number of refinancings of pre-credit crunch debt packages by infrastructure assets and owners as part of the so-called "refinancing wall."
Partner Michael Bates of Clifford Chance acted as legal adviser to the Borrower and Rothschild provided financial advice.