Kazakhstan's Almaty International Airport will raise up to $670 million under a financing package secured against all of its shares, funds held in bank accounts and rights under insurance contracts, according to a decision by the airport's sole shareholder.
Kazakh news outlet reported that the shareholder approved the financing on July 16.
The package comprises a $650 million term loan facility and a $20 million revolving credit facility.
Most of the proceeds will be used to refinance loans obtained in 2021 by the airport and affiliated companies from the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), Germany's development finance institution DEG, and the Eurasian Development Bank.
The remaining funds will be used to repay intra-group loans, cover arrangement fees, finance upgrades under the Project Horizon modernisation programme and support general corporate purposes.
The term loan will carry an interest rate equal to Term SOFR plus a margin of 2.75% per year and is due to mature on June 30, 2033.
By Aghakazim Guliyev
