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London Luton Airport Completes Refinancing Process

Updated: Nov 16, 2022

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).

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