IFLR1000

HNA Group SFr2.73 billion acquisition of Swissport

2/10/2016
High-yield bond/note issue, Private acquisition
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SFr 2.73 billion

$ 2.733 billion

Completed

2/10/2016

Overview:

  • The Chinese HNA Group has acquired Swissport International for SFr2.73 billion from PAI Partners.
  • Swissport is the world's largest ground and cargo handling company, handling 4 million tonnes of cargo per year and has over 60,000 employees.
  • PAI Partners is a Paris based private equity firm.
  • As part of the deal Swissport undertook a high yield bond issue consisting of six year senior secured notes of €400 million and seven year senior notes of €290 million, and term and revolving commitments of €770 million.

Sam Duke - Editor

Jurisdictions:

China
Luxembourg
Switzerland

Deal types:

High-yield bond/note issue
Private acquisition

Practice areas:

Capital markets : Debt
Private equity
M&A

Governing law:

Switzerland

Industry sectors:

Aviation
Logistics

Firms:
A&L Goodbody

Party: Barclays (Bookrunner)

Party: JPMorgan Chase (Bookrunner)

Deloitte Legal

Party: HNA Group (Issuer, Borrower)

DLA Piper

Party: PAI Partners (Seller)

Hogan Lovells

Party: HNA Group (Issuer, Borrower)

Lawyers: Alexander Premont, Gordon Wilson, Pierre Reuter, Sylvain Dhennin

Homburger

Party: HNA Group (Issuer, Borrower)

Lawyer: Daniel Haeberli

Lenz & Staehelin

Party: HNA Group (Acquirer)

Milbank

Party: Industrial and Commercial Bank of China Ltd (Lender)

Party: Agricultural Bank of China Ltd (Lender)

Party: Bank of China (Hungary) Close (Lender)

Party: Bank of Communications Co Ltd (Lender)

Lawyers: Apostolos Gkoutzinis, Jacqueline Chan

Schellenberg Wittmer

Party: PAI Partners (Seller)

Lawyer: Jean Jacques Ah Choon

Shearman & Sterling

Party: Barclays (Bookrunner)

Party: JPMorgan Chase (Bookrunner)

Weil Gotshal & Manges

Party: HNA Group (Acquirer)

Lawyer: Peter King (retired)

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