Paris Airports Raises €600 Million in a 9-Year Bond with a 3.875% Coupon
On Wednesday, June 10, Aéroports de Paris issued a €600 million bond with a 9-year maturity and an annual coupon of 3.875%. The operation aims to finance the group's general needs and refinance maturing debts.
The bond issue amounts to €600 million for a duration of 9 years. The annual coupon is set at 3.875%, with a reoffer yield of 4.044%. The reoffer spread over the mid-swap is 98 basis points. The settlement of the operation is scheduled for June 17, 2026, while the maturity date is set for June 17, 2035. The repayment will be made at the end of the period, i.e., in fine.
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The net proceeds from this issuance will finance the general needs of the group, including the refinancing of maturing debts. Aéroports de Paris holds a credit rating of A- with a stable outlook according to Standard & Poor's.
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Context
Period
Period: 9M 2026
Key reported figures
Revenue: 5 106 millions d'euros
Quarterly revenue: 5 106 millions d'euros
Revenue growth: 1,4 %
Guidance from the release
Whilst taking these measures into account, Groupe ADP is monitoring the latest traffic forecasts and the prolonged nature of the tensions in the Middle East
Risks mentioned
Disruptions to the operating environment related to the conflict in the Middle East, particularly affecting international traffic flows
Traffic continues to be adversely affected by reduction in IndiGo's flight schedules and airlines facing rising fuel prices
Works taking place at Paris-Orly airport leading to reduction in flight schedules and limited transfers to Paris-Charles de Gaulle
Opportunities identified
Extension of Tbilisi airport concession period to 31 December 2031 with USD150 million investment planned
GMR Airports commences operations at Nagpur and Bhogapuram airports with significant capacity for future growth
Opening of two new P/S private terminals in Dallas-Fort Worth and Miami to expand private aviation services
Outlook / guidance
Expected EBITDA: 2 300 millions d'euros
Management commentary: « compte tenu d'un environnement opérationnel toujours difficile, le Groupe anticipe un EBITDA courant pour 2026 dans le bas de la fourchette de 2 300 à 2 350 millions d'euros »
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
