Airport operator Airport Authority Hong Kong has signed a HK$5bn (US$645m) revolving credit facility with 21 local and international banks to be used for general corporate purposes. The loan will pave the way for acquiring additional funding to expand Hong Kong International Airport into a three-runway system. The loan will be repaid over a period of five years.
Jack So Chak-kwong, chairman for Airport Authority Hong Kong, said, “We are encouraged by the overwhelming response the authority has received from the global financial community. Our credit facility was oversubscribed 3.4 times, with 21 banks contributing toward a total initial commitment of HK$17bn (US$2.2bn). These figures stand as a testament to the financial world’s confidence in the Airport Authority, our fiscal strength and the long-term prospects of Hong Kong International Airport.
“The success of this revolving credit facility will also lay a solid foundation for financing the three-runway system (3RS). The airport beats at the heart of Hong Kong’s economy, and its expansion into a 3RS will bring tremendous social and economic benefits.
“With the backing of the financial community, and the support of our partners and the airport community, we are confident that we can overcome any issues. This credit facility represents the global banking community’s faith in Hong Kong’s future, and the continued bright prospects of our city and our airport.”