SINT MAARTEN (SIMPSON BAY) - On May 11, 2022, Princess Juliana International Airport (PJIAE) completed the successful refinancing of its 2012 indenture, with borrowings under a new term loan facility in the amount of USD 90 million. The new facility has been closed at more favorable terms and a reduced interest rate of 4,75%, which allows PJIAE to stabilize its much needed cash position.
By taking advantage of low borrowing costs and actively managing its near- and medium-term maturity profile, PJIAE has enhanced its ability to invest in future financial stability and growth. This step is consistent with PJIAE’s strategy to build the airport for the future of Sint Maarten.
Ben van der Klift, Chief Financial Officer of PJIAE ‘Today’s announcement is an important step forward and another vote of confidence in PJIAE and it underscores our transformation into an airport with strong ambitions for the future.
With the announcement of this oversubscribed refinancing, and our continued strong performance through Q1 of 2022, we have positively repositioned PJIAE, while enhancing our financial flexibility. However, we’re not out of the woods yet. Hurricane Irma and COVID-19 has had a deep impact on the performance and results of our airport in the last five years and we are on the road to recovery in the coming years’.
PJIAE was able to find the necessary funding within the former Netherlands Antilles and is extremely excited to report that most of the funds (46%) came from St. Maarten institutions, 39% from Curacao based institutions and 15% from Aruba based institutions. AIB Bank N.V. from Aruba acted as mandated lead arranger and RBC Bank N.V., a St. Maarten based financial institution, will be the security and facility agent.
The refinancing of the loan facility would not have been accomplished without the honorable Prime Minister, Minister of Finance, and the Minister of TEATT of Sint Maarten. The Management Board of PJIAE N.V. extends their gratitude for their relentless support during the entire re-financing process.
Source: Souliga Newsday https://www.soualiganewsday.com/index.php?option=com_k2&view=item&id=43615:seatrade-cruise-global-conferences-gives-strong-indications-of-a-sustainable-global-cruise-recovery&Itemid=450
