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ABL AVIATION CLOSES EUR170MM GROUND SUPPORT EQUIPMENT FINANCING WITH SWISSPORT INTERNATIONAL AG

News Choice staff ~ 10/31/2024
Photo provided by Swissport Financing supports Swissport ’ s transition to electric ground support equipment ( eGSE ) and is the first-ever global secured facility for a GSE operator . DUBLIN , IRELAND , October 28 , 2024 /EINPresswire.com/ -- ABL Aviation ( ABL ) , the foremost independent full-service
Image of a SwissPort eco-powered vehicle near an airplane on a runway.

Photo provided by Swissport

Financing supports Swissport’s transition to electric ground support equipment (eGSE) and is the first-ever global secured facility for a GSE operator. DUBLIN, IRELAND, October 28, 2024 /EINPresswire.com/ -- ABL Aviation (ABL), the foremost independent full-service aircraft asset management firm, today announced a landmark EUR170MM financing of GSE with Swissport International AG (Swissport), the world’s leading aviation ground support services provider. Structured as a multi-draw senior secured facility with an accordion up to EUR270MM, the deal is ABL’s inaugural financing in the sector and the first-ever global credit facility secured for a GSE operator.

Having pledged to transition over half of its worldwide fleet from diesel- and gasoline- to zero emission, eGSE by 2032, Swissport will use the credit facility to fund continued investment in eGSE including pushbacks, stairs, ground power units, de-icers, and baggage tractors.

ABL served as the sole structuring agent and book runner for the deal, achieving oversubscription by leading American, European, and Canadian pension funds, credit funds, and banks at five times the amount of the target raise.

KfW IPEX-Bank and NatWest Plc were selected to serve as financiers for this landmark transaction. Vedder Price (New York), led by Cameron Gee, represented the borrower and worked closely with the ABL team, led by Finnian O’Neill, to tailor a solution to Swissport and the financiers’ needs. Norton Rose (Munich) represented the lenders.

“ABL applauds Swissport’s commitment to sustainability and is proud to help the company build its eGSE fleet,” said Ali Ben Lmadani, CEO of ABL Aviation. “We are grateful for the confidence Swissport placed in ABL to close this important deal and we look forward to future collaborations. We would also like to recognize KfW IPEX-Bank, NatWest Plc, and the many other partners who contributed to this milestone transaction. ”

“We are excited to partner with ABL Aviation on this landmark financing, which will help accelerate our transition to electric ground support equipment,” said Jourik Hooghe, Chief Financial Officer of Swissport International AG. “Swissport is aiming to achieve a 55% share of electric GSE by 2032 and net-zero emissions by 2050, and we have a comprehensive 10-year decarbonization plan in place to reduce the environmental impact of our operations. This plan also includes a significant investment in eco-friendly equipment and infrastructure. This financing allows us to take a crucial step towards our sustainability goals, and we appreciate the trust and collaboration from ABL, KfW IPEX-Bank, and NatWest Plc in making it possible.”

Annie Singleton
ABL Aviation[email protected]Visit us on social media:LinkedInYouTube

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October 28, 2024, 14:30 GMT

EIN Presswire's priority is author transparency. We do our best to weed out false and misleading content. The content above is the sole responsibility of the author who makes it available. If you have any complaints, kindly contact the author above. Originally published at https://www.einpresswire.com/article/755544472/abl-aviation-closes-eur170mm-ground-support-equipment-financing-with-swissport-international-ag

ABL AVIATION CLOSES EUR170MM GROUND SUPPORT EQUIPMENT FINANCING WITH SWISSPORT INTERNATIONAL AG

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