Athens International Airport’s Debt Restructuring

Koutalidis Law Firm has advised a syndicate of Greek systemic banks on the refinancing of Athens International Airport’s existing debt.

The financial closing of the project occurred on 25 August 2022. The refinancing was implemented through the issuance of a secured bond loan of an amount up to €1,007,843,966 and the borrowing of an additional €28.7 million provided to Athens International Airport to carry out several construction projects. The arrangers of the bond loan comprised Alpha Bank, Eurobank, the National Bank of Greece and Piraeus Bank, with the National Bank of Greece and Piraeus Bank also acting as a facility agent and the bondholder agent respectively.

Koutalidis advised the syndicate with a team led by partners Nikos Salakas and Ioannis Kaptanis. The team advised the banks on the complex structure of the transaction and throughout the negotiations and the drafting and signing of the documentation until the financial closing of the project in August. In particular, Koutalidis reviewed (and provided comments on) the main financing documents (comprising the new financing and the existing capex financing) and drafted the security documents, as well as reviewed conditions precedent and issued a legal opinion in the context of the financial closing.

The Koutalidis team continues to advise the syndicate on post-closing matters of the existing capex financing, including on further drawdowns thereunder.

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