White & Case Advises Mandated Lead Arrangers on Loan Facility for Eurocontrol
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Global law firm White & Case LLP has advised the mandated lead arrangers HSBC, KBC Bank NV and KfW IPEX-Bank, on a term loan facility amounting to €272 million for Eurocontrol signed on June 30, 2020.
Eurocontrol, the European Organisation for the Safety of Air Navigation, is an intergovernmental organisation headquartered in Brussels. It was founded in 1963 and has 41 member states, consisting of all European Union member states and neighbouring countries. On behalf of its member states, Eurocontrol is entrusted to invoice and collect route charges from airspace users such as airlines.
The Eurocontrol member states approved the signature of a loan facility to support the continuous operation of safe and effective air navigation services in the European network as part of a Covid-19 financial relief package. This term loan, with a tenor until end of March 2022, aims to mitigate the financial impact of the Covid-19 crisis in a number of Eurocontrol's member states resulting from the decline in air traffic and the deferral of payment of route charges. As a result of the loan facility, Eurocontrol made available to these member states and their air navigation service providers optional financial liquidity.
KfW IPEX-Bank acted as coordination and structuring agent and KBC Bank NV acted as agent.
The White & Case team that advised on the transaction included partners Justin Benson, Steven Baker (both London) and Hadrien Servais (Brussels), local partner Alexandra Rogers (Brussels), counsel Willem Van de Wiele (Brussels) and associate Andrew Harper (London).
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