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Altitude is pleased to have supported the successful £390m re-financing of London Luton Airport.
Altitude’s role included:
Detailed review of the Management long term revenue, cost, capacity and capital investment forecasts.
The review included a detailed assessment of London system airport capacity and the current investment programme to increase capacity to 18m passengers per annum.
Our role included detailed interaction with prospective lenders.
The refinancing process was completed in August 2017. Some £230m was subscribed by institutional investors, the largest private placement of an airport in the UK.
The new debt structure diversifies the sources of financing (79.5% at fixed rate and 20.5% at variable rate), extends the terms (average life of more than 10 years) and covers the entire expansion plan of Luton.
(Source Aena Interim consolidated management report for the nine-month period ending on 30 September 2017).