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25.03.2013

Zurich Airport News Flash No. 6 / Flughafen Zürich AG restructures its long term debt

Diese News ist nur auf Englisch verfügbar.

Flughafen Zürich AG restructures its long term debt

On March 25, 2013, the Board of Flughafen Zürich AG has approved to early redeem the Japanese Private Placement as per the next interest payment date on May 23, 2013. The company will therefore repay the full nominal amount of 37 billion JPY together with the last interest payment of 6.04 million USD to the lender as per May 23, 2013. Together with the redemption notification for the loan the corresponding underlying cross-currency interest rate swap will be unwound.

The repayment of the loan and the unwinding of the swap will be refinanced by a Swiss franc bond placement in the domestic market. It is expected that interest costs of the company will be significantly reduced by this transaction due to the attractive interest rate environment in Switzerland. The current interest rate of the Japanese Private Placement is at 5.73 percent p.a.

The restructuring will have the following impacts on the financial result line-item in 2013:

- One-off positive P&L effect of approximately 15 – 20 million Swiss francs due to foreign exchange gains on the Japanese loan which correspondingly will result in lower cash out flows for the repayment of the loan. The additional foreign exchange gain results from the continuing weakness of the Japanese Yen against the Swiss franc since 31 December 2012.
- One-off negative cash and P&L effect of approximately 110 – 115 million Swiss francs from unwinding cost of the swap.
- One-off negative non-cash P&L effect of approximately 5 million Swiss francs from amortisation of the remaining capitalised transaction cost from the original placement in 2003.
- Proportional positive cash and P&L effect from lower interest costs of the new bond placement – this amount is depending on interest rate levels to be achieved.

Therefore, an overall negative one-off effect of approximately 85 – 95 million Swiss francs (pre-tax) will be recognised in the financial result line-item in 2013.

Going forward, the company’s P&L will be substantially positively affected with distinctively lower annual interest payments.

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