Sheremetyevo International Airport announces that Vneshekonombank (VEB) has completed a deal to assign to Sberbank USD537m worth of the rights of claim relating to the loans owed by Sheremetyevo International Airport (SIA). The loans were extended by Vnesheconombank to finance the construction of SIA Terminal D.
Alexander Oleynik, Deputy Director General for Economy and Finance at SIA, said: «We appreciate our longstanding cooperation with VEB and Sberbank, as well as their credit support, which to a large extent enables SIA’s development. This deal has allowed SIA to considerably cut the effective interest rate and extend duration of the loan portfolio. The released cash will be channelled to the SIA investment programme».
«Having ensured delivery of a major infrastructure project in a strategic industry on the recoverability and breakeven principles, VEB has accomplished its mission of a development institution. One of Aeroflot’s key partners, VEB from the very beginning supported the air carrier in building the base terminal later integrated into the general infrastructure, and provided loan facilities on the project finance principles. Therefore, the Bank for Development assumed the major project construction and start-up risks. The project has consequently become a milestone in development of SIA and Aeroflot. It has helped the companies to improve passenger experience and deliver stronger financial performance», — said Nikolay Tsekhomsky, First Deputy Chairman of Vnesheconombank.
By completing the deal, Sberbank has become SIA’s majority lender. «We are very glad to have successfully closed this deal, which is important for all its participants», — emphasized Alexander Vedyakhin, First Deputy Chairman of Sberbank. «It is a unique infrastructure facility, which under current effective management is bound to retain its leading position at the Moscow air hub. We are confident about SIA’s business development and our future cooperation with the company».
In 2006 and 2008, as part of the Sheremetyevo D Terminal construction project, VEB and a special-purpose vehicle, Terminal, (in which Aeroflot was a principal shareholder) entered into the loan agreements totalling around USD659m. Terminal D was commissioned in November 2009. In 2012, Terminal SPV was reorganised through a merger with Sheremetyevo International Airport.