Banks Pre-Market up to €1.3B Dividend-Recap for Swissport; Deal to Launch Week of March 18

  Reporting: Maryna Irkliyenko, Oscar Laurikka JPMorgan, Barclays and Bank of America are pre-marketing a €1.2 billion seven-year term loan B for aviation services business Swissport, sources told Reorg. The banks are holding meetings with lenders this week and may upsize the TLB to €1.3 billion depending on feedback, before launching the deal in the week of March 18, sources said. The deal will be split between euro and US dollar tranches, the sources added. Swissport will use the proceeds to refinance its existing €600 term loan B and pay around €500 million of shareholder dividends to funds including SVP and Apollo, who took over the business in 2020. The remainder will be used for other general corporate purposes, sources said. Swissport grew revenues 18.4% year over year to €3.365 billion in 2023, while operating EBITDA jumped 68% to €403 million. It is marketing the recap at 3.2x post-IFRS 16 net leverage based on €456 million LTM Dec-23A post-IFRS 16 Structuring EBITDA.   Swissport   12/31/2023   EBITDA Multiple (EUR in Millions) Amount Price Mkt. Val. Maturity Rate Yield Book Market   New €250M Secured Revolving Credit Facility due 2031 1 –   – 2031       New €1.2B[...]