Sheremetyevo wants to refinance its debt portfolio

JSC Sheremetyevo International Airport (SIA) has announced a tender for the preparation of a study of proposals from banks to refinance the group’s debt portfolio.

The purpose of the study is to conclude an agreement on refinancing current SIA loans „by postponing the payment of the principal debt from 2022-2024 to 2025-2030 at a rate of no more than 5.7% per annum without worsening the conditions for the current loan portfolio,” the tender documentation says.

In this case, the agreement must be signed with a systemically important credit institution from the list of the Bank of Russia. Now it includes 13 banks: Tinkoff, Unicredit Bank, Gazprombank, VTB, Moscow Credit Bank, Alfa-Bank, Sberbank, FC Otkritie, Rosbank, Promsvyazbank, Raiffeisenbank, Rosselkhozbank and Sovcombank.

The maximum value of the contract with the contractor is $1.8 million, including VAT.

According to IAS financial statements for 2020 (interfax did not find a report for 2021 in the public domain), long-term loans of the group at the end of the reporting period were at the level of 56 billion rubles (against 45 billion rubles a year earlier), short-term loans – 10.7 billion rubles (vs. 7 billion rubles) With the exception of the loan from SMP Bank for 88 million rubles, all loans to SMA accounted for Sberbank: some of them were denominated in rubles, some – in US dollars and euros, the minimum rate was at the level of 2%, the maximum – 7.1%. After the reporting date, in February 2021, the airport attracted a credit line from Sberbank for another 1.8 billion rubles „for operating activities,” the report says.

Sheremetyevo is the largest airport in Russia. The MASH group, in addition to the airport operator of the same name, includes Sheremetyevo VIP LLC, Sheremetyevo Parking LLC, Sheremetyevo Advertising LLC, Moscow Cargo LLC, Sheremetyevo Handling LLC, Imperial Duty Free JSC and Sheremetyevo JSC safety”.

Aviation has suffered significantly from anti-Russian sanctions. Russian carriers are prohibited from flying to EU countries, Great Britain, USA, Canada. In addition, Western countries have stopped deliveries of civil aircraft and spare parts and have obliged their lessors to return liners already leased from Russia.

Passenger airlines, by decision of the authorities, will receive a total of 100 billion rubles to compensate for the costs that arose against the backdrop of sanctions, and cargo airlines – 2.9 billion rubles. Closed since February 24, 11 airports in the south and central part of the country will be allocated 3 billion rubles . No official decision has yet been made.

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