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Hong Kong airport secures US$$650 million loan for 3rd runway
AIRPORT Authority Hong Kong (AA) has signed a five-year HK$5 billion (US$650 million) revolving credit facility with 21 local and international banks, a successful placing that lays the "solid foundation" for financing the hub's three-runway system.
Hong Kong, handling 4.4 million tonnes, was the largest non-integrator air cargo hub in 2014.
Said AA chairman Jack So Chak-kwongd: "Our credit facility was oversubscribed 3.4 times, with 21 banks contributing towards a total initial commitment of HK$17.01 billion.
"These figures stand as a testament to the financial world's confidence in the AA, our fiscal strength and the long-term prospects of Hong Kong International Airport."
"The finalised all-in pricing of 80 basis points over Hong Kong Inter-Bank Offered Rate (HIBOR) represents the lowest interest rate among club or syndicated bank loan deals with the same tenor over the past 48 months in Hong Kong market. The facility will be used for general corporate purposes," said Mr So.
"The success of this revolving credit facility will also lay a solid foundation for financing the Three-Runway System (3RS). HKIA beats at the heart of Hong Kong's economy, and its expansion into a 3RS will bring tremendous social and economic benefits," he said.
The AA posted a first half year-on-year net profit of HK$4.7 billion drawn on revenue of HK$9.2 billion, which increased 14 per cent.
Hong Kong, handling 4.4 million tonnes, was the largest non-integrator air cargo hub in 2014.
Said AA chairman Jack So Chak-kwongd: "Our credit facility was oversubscribed 3.4 times, with 21 banks contributing towards a total initial commitment of HK$17.01 billion.
"These figures stand as a testament to the financial world's confidence in the AA, our fiscal strength and the long-term prospects of Hong Kong International Airport."
"The finalised all-in pricing of 80 basis points over Hong Kong Inter-Bank Offered Rate (HIBOR) represents the lowest interest rate among club or syndicated bank loan deals with the same tenor over the past 48 months in Hong Kong market. The facility will be used for general corporate purposes," said Mr So.
"The success of this revolving credit facility will also lay a solid foundation for financing the Three-Runway System (3RS). HKIA beats at the heart of Hong Kong's economy, and its expansion into a 3RS will bring tremendous social and economic benefits," he said.
The AA posted a first half year-on-year net profit of HK$4.7 billion drawn on revenue of HK$9.2 billion, which increased 14 per cent.
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