An Exclusive Interview with: Ioannis Kaptanis & Dimitris Kalyvas www.koutalidis.gr The extensive work required within the tight deadlines to ensure the viable completion of AIA’s financing coupled with the collaboration of both local and international counsel with the company and the separate teams of the banks further underscored the challenging and demanding aspects of this deal. What is the anticipated timeline for AIA’s expansion, and how does this financing support each phase? It has been published in the press that the implementation of the first phase of the expansion plan will start in the first quarter of 2025, to be completed within 2028, so that the country’s largest airport will be able to welcome 33 million passengers annually, while it currently serves 26 million passengers. As per media reports, the project will include, among others, an expansion of the main terminal by 81,000 square meters, additional plane slots, baggage handling and passengers’ gates, as well as a new runway with 32 plane slots, along with a new VIP terminal, while a multi-story parking garage for the airport’s visitors and the expansion of the surrounding road network are also part of the expansion plan. The terms of the bond loan allow for multiple drawdowns to occur in accordance with the progress of the construction works whereas the final maturity date of the loan is by the end of 2042. What are the expected impacts of this expansion on Greece’s tourism and transport sectors? It is inevitable that the expansion of Greece’s biggest and busiest airport will have a direct and positive impact on the country’s tourism and transport sectors. More specifically, the expansion will increase the airport’s capacity, allowing more passengers to travel to and from Greece. It is expected that the expansion plan will increase the capacity of the airport to 50 million passengers by 2045. As a major gateway for international tourists, this could help accommodate the growing demand for flights, especially during peak tourist seasons. Also, with more modern and larger facilities, AIA will likely attract more airlines, including low-cost carriers, opening additional routes to new markets. This enhanced connectivity can stimulate inbound tourism from countries that were previously underserved or not directly connected to Athens. Further, increased air traffic and the resultant growth in tourism could lead to higher demand for domestic transport services such as buses, taxis, rental cars, and trains. This can boost regional economies, especially in popular tourist Can you tell us what role Koutalidis played in advising on the amendment of AIA’s previous bond loans? Continuing our 2018, 2019, 2020 and 2022 mandates by the syndicate of the four Greek systemic banks with regard to the issuance by AIA of bond loans for, among others, the financing of five construction projects, including premises’ expansions and upgrades, the refinancing of its existing indebtedness, the financing of its general corporate and working capital purposes and the installation of PV stations with battery energy storage system and heat pumps, we advised the syndicate of the banks in respect of the amendments to the existing bond loans that were required in view of the provision of the new EUR 806 million bond loan. Such amendments were made in respect of the entire set of finance and security documents, entailed a complicated structure and their implementation involved hard work to ensure the alignment of the terms of the existing loans and the new loan yet preserving their autonomy and individual elements. Ioannis Kaptanis Partner Dimitris Kalyvas Senior Associate TRANSACTION INTERVIEW 73
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