THE DUBLIN Airport Authority repaid a €250 million loan earlier this year and bought back €50.4 million worth of eurobonds it had issued, according to documents filed recently by a subsidiary company.
Latest accounts for DAA Finance plc also show that the State-owned airport manager drew down €260 million in borrowings from the European Investment Bank (EIB) this year.
This new funding has effectively replaced the loans that were repaid.
The €250 million in loan notes that have been repaid matured this year. The notes carried a nominal interest rate of 6.15 per cent.
In addition, DAA Finance repurchased and then cancelled €50.4 million in eurobonds that were due to mature in 2018. These carried a nominal interest rate of 6.5872 per cent.
The accounts show the DAA, which is responsible for Dublin, Cork and Shannon airports, had total loans and borrowings of €939.5 million at the end of 2010.
Much of this relates to finance secured to construct new terminal buildings at Dublin and Cork airports.
Its debt comprises €846.2 million in eurobonds and €93.3 million in borrowings from the EIB.
Of these amounts, €549.7 million are eurobonds listed on the Irish Stock Exchange that mature in 2018.
The EIB loan was drawn down in 2002 and has an 18-year term at a fixed-rate of 5.12 per cent.
DAA Finance plc made a loss of €3.49 million in the 10 months to the end of December 2010.
Its financial period was shortened to 10 months to allow its year end to change from February annually to December. This brings it into line with the DAA’s accounts.
In the year to the end of February 28th 2010, the company made a loss of €4 million.
The finance company’s main activity is handling interest payments on behalf of the DAA.
