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Publish Date : 27-Jul-2017

With a senior note of EUR 100m (US$116m), the European Bank for Reconstruction and Development (EBRD) is participating in a financial reshuffling of Budapest Airport in Hungary.

The credit facility is part of an overall funding package worth up to EUR 1.32bn (US$1.5bn) divided between a privately placed senior note facility of EUR 525m (US$611m) and a banking facility of EUR 795m (US$925m) to amend and extend current debt facilities maturing at the end of 2019 and 2020.

Budapest Airport's ultimate owner is the global investors group AviAlliance, with 55.44%, but also Malton Investments with 23.33%, and CDPQ with 21.23%.

The airport operator has a 75-year concession for upgrading, operating and managing the airport, which recorded 11.5 million passengers in 2016. Hungarys efforts to increase the number of tourists visiting the country would benefit the airport in the future.

Sue Barrett, director, transport, EBRD, stated, We are very pleased to join this effort and support this flagship project for Hungary. The package will encourage the introduction of new capital market structures for mature infrastructure projects, develop secondary market transactions for public-private partnership projects attracting leading institutional investors, and allow customers of Budapest Airport to benefit from an improved operating performance.

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