| Project Detail |
To contribute to the initial phase of Antalya Airport sustainable development and connectivity enhancement expansion through the provision of a follow-on capex bridging loan.
DESCRIPTION
The Project comprises three components:
(i) Terminal Works: expansion of International Terminal 2, Domestic Terminal and related carparks;
(ii) Airside Works: additional apron space and taxiways, infrastructure works for new maintenance hangar area, cargo terminal; and
(iii) Other Works: gates, landscaping, on-site solar farm, and others.
The Project will increase the annual capacity of the Antalya Airport (the “Airport”) from 40 million passengers to 80 million passengers in three phases.
At the end of 2021, the Sponsors won the tender and signed the new lease agreement with the Turkish State Airport Authority to develop and operate the Airport. The Sponsors have operated the Airport under the current lease agreement since 2007.
Pursuant to the lease agreement, the Sponsors are required to make an upfront payment amounting to 25 percent of the total rental fee. As such, they have entered into a 2-year loan facility with a syndicate of commercial banks. The Sponsors arranged similar loan facilities to finance the capital expenditure until March 2024 for the expansion works from commercial banks and multilateral development banks, including AIIB (P000639). The proposed loan will finance the remaining capital expenditures and financing costs which occur beyond initial loan tenor, i.e., from March 2024 to September 2025 when all prior short-term loan facilities are expected to be refinanced via a long-term project financing loan. |
