Genève Aéroport has reiterated the launch of a bond issue with a volume of CHF 100 million for a coupon of 2.20% over a period of 4 years. The planned maturity date will be 22 September 2026. This issue will allow the implementation of Genève Aéroport’s treasury strategy.
This capital market financing was conducted jointly with Zürcher Kantonalbank, UBS and Banque Cantonale de Genève.
This comes after half a year of significant recovery which saw passenger traffic rise from less than 50% of 2019 levels in January to more than 80% by April. The summer season was managed in an agile and efficient manner despite the difficulties of other players around Genève Aéroport.
Aline Vaglio, Director of Finance, notes that the recovery in traffic in the first half of the year should enable Genève Aéroport to return to a positive result in 2022 after two years of losses and to begin the process of reducing its debt. The success of this issue is part of the implementation of the airport's cash flow strategy.
The CEO of Genève Aéroport, André Schneider, was delighted with this operation. "Genève Aéroport has managed well the recovery of the aviation sector which started in March. The summer disruptions had a reduced impact on the platform and we have reached a rate of 90% of 2019 traffic. This limited loan is the first part of the refinancing of our 300 million 2020 loan, raised at the beginning of the crisis. We are pleased to see the continued support of investors with this new fundraising. They recognise our efforts to reduce the debt incurred during the crisis and to strengthen the financial situation of our institution. In addition, Genève Aéroport has a strong and supportive owner, the State. This is a decisive asset.
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