Swissport’s Eric Born to continue until 2020
Eric Born president and CEO of Swissport International, who was due to leave at the end of this year will stay until the end of 2020.
July 30, 2019: Following the announcement of plans for a refinancing of certain outstanding debt of Swissport Group S. r.l., Eric Born president and CEO of Swissport International, who was due to leave at the end of this year will stay until the end of 2020, subject to successful completion of a planned debt refinancing by September 30, 2019.
He was initially going to stand down at the end of 2018 before agreeing to stay on until December 31, 2019, then further postponing his departure for another year.
Swissport Group, the indirect parent company of Swissport International, Swissport Financing and Swissport Investments intends to refinance some outstanding debt with new senior credit facilities and new notes.
Refinancing will consist of a new %u20AC75 million revolving credit facility, a new %u20AC50 million delayed draw loan facility, an aggregated principal amount of %u20AC1.2 billion across a new term loan B facility and offering new euro-denominated senior secured notes, along with %u20AC280 million of new euro-denominated senior notes.
Swissport has also released preliminary financial results for the first half of 2019, with revenue increasing 6.1 percent to %u20AC1.5 billion and operating earnings before interest, tax, depreciation, and amortisation (EBITDA) growing 7.3 percent to %u20AC121.9 million.
Born has been serving the airport ground services and air cargo handling company since August 2015. He has a strong track record in creating value in private equity-owned and publicly listed organisations across retail, logistics and aviation services. During his tenure, he and his management team have continuously extended Swissport's global leadership by driving organic growth and through targeted acquisitions, while streamlining the structure and improving the result.
In 2018, Swissport International AG provided best-in-class airport ground services for some 282 million airline passengers and handled roughly 4.8 million tonnes of air freight in 115 cargo warehouses worldwide. Several of its warehouses have been certified for pharmaceutical logistics by IATA's CEIV. At the end of June 2019, Swissport was active at 310 airports in 49 countries on six continents.