Amadeus agrees €2.7 billion debt refinancing

Amadeus has signed an agreement with a group of banks to refinance its debt through a new unsecured credit facility.


It will allow Amadeus to obtain senior unsecured credit facilities totaling €2.7 billion made available in four tranches including a  €900 million loan, two bridge loans totalling €1.2 billion and €400 million and rolling credit facility of €200 million.


Ana de Pro, chief financial officer at Amadeus, said: “With this agreement we achieve one of the objectives set out in our long-term strategy, to strengthen the financial structure of the business through less expensive and more flexible debt.


“Through this deal we take the first step towards giving Amadeus more flexibility through extended maturity periods and improved terms and conditions.”


“In addition, once the bridge loan (Tranche B) has been taken out with bonds, Amadeus will have diversified its sources of financing. 


“Overall, this refinancing will allow us to significantly decrease the cost of servicing our debt, which currently has a spread of around 3.6%.”


The refinancing was structured via a ‘club deal’ agreed witht he following banks: Banco Bilbao Vizcaya Argentaria; The Bank of Tokyo-Mitsubishi UFJ; Deutsche Bank AG, London Branch; ING Belgium; Sucursal en España; J.P. Morgan; Morgan Stanley Senior Funding; NATIXIS; and The Royal Bank of Scotland.

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