01/10/2009 - 15:06

Perth Airport raises $882m

01/10/2009 - 15:06

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Westralia Airports Corporation, the owner of Perth Airport, has secured $882 million in debt and equity to refinance existing bank facilities and fund expansion plans.

Perth Airport raises $882m

Westralia Airports Corporation, the owner of Perth Airport, has secured $882 million in debt and equity to refinance existing bank facilities and fund expansion plans.

The company said it had negotiated new debt facilities totalling $740 million with eight banks from Australia, Europe and Asia.

Shareholders had agreed to chip in an extra $142 million.

Part of the funds will be used for expansion plans including a new domestic terminal, expanding the international terminal and the development of an on-airport road linking both domestic and international airports.

"The fact that this major financing has been successfully completed during a period of unprecedented dislocation in global financial markets reflects the confidence shareholders and lenders have in our business performance and plans" Perth Airport chief executive Brad Geatches said.

 

The announcement is below:

 

Westralia Airports Corporation, the owner and operator of Perth Airport, announces that it has achieved an important milestone in its expansion of Perth Airport with the completion of a major new financing process.

As part of the financing, the company has agreed new debt facilities totalling $740 million. In addition, the company's shareholders have also committed further funding totalling $142 million. The new financing will be used to refinance existing bank debt facilities and to fund the airport's substantial capital expenditure programme.

The new debt facilities are being provided by a total of eight banks from Australia, Europe and Asia.

"Completion of the financing provides our company the funding certainty we need to proceed with our major investments to increase capacity and customer service levels at Perth Airport," said Perth Airport's CEO Brad Geatches. "These funds will underpin our investment in a new domestic terminal, "Terminal WA", and expansion of our existing international terminal, as well as many other projects that will further improve customer service at Perth Airport," Mr Geatches said.

"The fact that this major financing has been successfully completed during a period of unprecedented dislocation in global financial markets reflects the confidence shareholders and lenders have in our business performance and plans" said Mr Geatches.

Information on the company's airport expansion plans follows.

Perth Airport Expansion Plans

The following are the key elements of Perth Airport's investment plans over the next three years:

- A new domestic terminal designed to serve regional Western Australia and also some interstate services.

- Expanding the capacity of the current domestic terminal with new aerobridges, expanded departures and new retail.

- Redeveloping the domestic terminals forecourt to improve vehicle, taxi and pedestrian access, including covered pick-up and drop-off and covered walkways to car parks and rental cars.

- Expanding the International Terminal, including check-in, departures, bag reclaim, quarantine and five new aircraft parking positions.

- An on-airport public road linking the international and domestic terminal precincts, which will reduce the time to transfer between the precincts to 10 minutes.

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