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WAC secures terminal financing

written by WOFA | October 3, 2009

Westralia Airports Corporation, operator of Perth Airport, announced on October 1 that it has secured the necessary financing to proceed with its terminal expansion plans.

The funds comprise of a $740 million debt facility backed by a syndicate of local and international banks, as well as a further $142 million from WAC’s shareholders.

“Completion of the financing provides our company the funding certainty we need to proceed with our major investments to increase capacity and customer service levels at Perth Airport,” said Perth Airport’s CEO Brad Geatches. “These funds will underpin our investment in a new domestic terminal, Terminal WA, and expansion of our existing international terminal, as well as many other projects that will further improve customer service at Perth Airport.”

WAC’s plans for the next three years also include a number of landside changes to parking arrangements to ease traffic problems particularly around the domestic terminals, as well as new aerobridges at the current domestic terminal. Longer term, the airport expects to consolidate all its terminals at the current international terminal precinct, which is where Terminal WA is being constructed.

Geatches noted that gaining the necessary finance was a major achievement for the company. “The fact that this major financing has been successfully completed during a period of unprecedented dislocation in global financial markets reflects the confidence shareholders and lenders have in our business performance and plans,” he said.


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