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NEWS ANALYSIS: Aeroporti di Roma

03 May 2012

On April 13, eight banks signed a commitment letter with Gemina, the holding company for Aeroporti di Roma (AdR), to refinance Eu600 million ($795 million) of existing debt at the operating company level. The commitment letter includes a binding term sheet, so banks are now in the process of tying up all the necessary documentation, with the aim of closing the refinancing by the end of June. The agreement is an important milestone, since the existing refinancing risk had created downward pressure on AdR’s credit rating in recent months. Gemina, the majority shareholder in AdR, will be hoping that the refinancing alleviates this pressure and allow for easier capital markets access, which has been a cornerstone of AdR’s financing structure since a refinancing in 2003. AdR owns a concession to exclusively operate both of Rome’s main airports, Fiumicino-Leonardo da Vinci and Ciampino, until 2044. Gemina’s interest in AdR dates back...

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