Baker McKenzie acted as lead adviser to EUROCONTROL, the European Organisation for the Safety of Air Navigation headquartered in Brussels, on its EUR 272 million term loan facility co-arranged by HSBC, KBC Bank and KfW IPEX-Bank.
The facility is part of a COVID-19 financial relief package approved by EUROCONTROL's member states, and serves to support the continuous operation of safe and effective air navigation services in the European network. Particularly, the facility serves to mitigate the financial impact on air navigation services providers of air traffic decline and the related deferral of route charges payment dates, with EUROCONTROL making available optional financial liquidity to its member states (and their air navigation service providers) wishing to avail themselves of that liquidity.
Baker McKenzie’s team was led by Brussels based partners Antoine De Raeve and Eric Blomme. The team was assisted by German partner Kathrin Marchant and counsels Janet Butler and Katharina Weiner.
Commenting on the deal, Antoine De Raeve said, "We are honoured to have been able to assist EUROCONTROL in the context of its COVID-19 financial relief package. The transaction was an important step towards ensuring the continued safe operation of air traffic in the European skies in uncertain times, and we were delighted to have been a part of that."
The deal was signed on 26 June 2020 and closed on 30 June 2020.