Contract for extensions to Moscow airport signed
Hamburg/Kiel/London, February 12, 2008 - In record time of only four months, HSH Nordbank AG and Sberbank of Russia have successfully completed negotiations for a contract with the operator of the Sheremetyevo International Airport concerning the financing for the construction of Terminal 2 at the airport. As a result, a credit facility of USD 222 million is now available with immediate effect. In September, the two banks were selected as joint mandated lead arrangers to commence exclusive negotiations with the airport operator, prevailing in a tender process in which over 20 Russian and international banks had participated.
“We are proud to have been able to complete these intensive negotiations within this remarkably brief period. We have thus proven our expertise and skills in handling complex infrastructure finance deals,” says Mathis Shinnick, head of the Transportation Business Unit at HSH Nordbank. “It is not least of all thanks to our many years of experience in this segment that HSH Nordbank is currently an acknowledged partner in the global infrastructure finance market.”
The loan agreement with Sheremetyevo Airport is split evenly between HSH Nordbank and Sberbank and has a term of 12 years.
The package of collateral for the agreed facility of USD 222 million includes mortgages on the existing Terminal 2 as well as the planned extensions.
The development plan for Sheremetyevo International Airport provides for the funds under the facility to be used to construct a new wing to Terminal 2. The total budget for the project stands at around USD 318 million. Once it has been completed, the terminal’s passenger handling capacity will increase substantially. At the same time, there will be greater retail space, bringing the airport into line with current international standards. In addition, a new link with Terminal 3 will be built. This is to be followed by a new railway station for the planned connection between the airport and Moscow which will substantially improve access to the city centre when it goes into operation, presumably in May 2008.
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