Supporting global aviation
Since its separation from parent company Swissair in 1996, Swissport International AG (‘The company’) has grown to become the world’s largest provider of Airport Ground Support Equipment (GSE) and air cargo handling1. In 2023, Swissport delivered airport ground services for some 232 million airline passengers and handled roughly 4.7 million tons of air freight at 115 air cargo centres worldwide, serving 850 customers.
The company has committed to reach net-zero by 2050, with a 42% reduction in Scope 1 and Scope 2 carbon emissions by 2032. To help achieve this, Swissport are embarking on a multi-year investment strategy to replace aging equipment with next generation electric GSE. As part of this commitment, Swissport is aiming to achieve a 55% share of electric GSE by 2032. To support this goal, the company has implemented a new procurement policy. Starting in January 2025, the policy stipulates that new vehicles across numerous categories can only be ordered in electric versions.
The borrower, Swissport Equipment Finance AG, is a wholly owned subsidiary that specialises in the centralised procurement of GSE. With a global remit, the company has expertise in managing relationships with GSE suppliers.
NatWest Bank Europe funds €55 million of €170m asset-backed term loan
We were already a member of the bank consortium providing Swissport International AG’s €250 million core Revolving Credit Facility, so when considering funding options for their new centralised asset finance investment strategy, the company approached us as a possible lender. We were very happy to support, with NatWest Bank Europe funding a €55 million hold of the term loan as part of a two-bank syndicate, and also providing FX and interest rate hedging facilities.
Helping transform the aviation industry step by step
Jourik Hooghe, Chief Financial Officer, Swissport International AG, said: “As the global leader in aviation ground services, we recognise the pivotal role we play in driving industry-wide transformation towards sustainability. Our goal is to achieve net-zero emissions by 2050, and we have a comprehensive 10-year decarbonisation plan in place to reduce the environmental impact of our operations. This plan also includes a significant investment in eco-friendly equipment and infrastructure. This financing is a key milestone on this journey, and we thank our lenders for their support.”
Oliver Kelly, Vice President, NatWest Bank Europe, commented: “We’re delighted to have been able to support our customer with this asset backed term loan, and look forward to continuing growing our relationship with Swissport and proactively helping deliver a more sustainable future for the aviation sector. This deal is also another example of our commitment to provide £100 billion in Climate and Sustainable Funding and Financing to our customers by the end of 2025.”
1: Based on revenue and the number of airports served (source)
