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SAC Business Plan & construction monitoring

Mediobanca

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Catania Airport is the busiest airport on Sicily, and the sixth busiest international airport in Italy, handling around seven million passengers per year. The airport is managed by Società Aeroporto di Catania S.p.A (“SAC”). In 2015, SAC obtained a loan of 80 million Euros for the financing of the works included in the concessionary agreement with ENAC (the Italian Aviation Authority).

Our role

In relation to the definition of the financial agreement, Steer Davies Gleave was asked by the bank arranging the finance to prepare a business plan for SAC assessing the future investment programme, operating costs, possible traffic growth in the coming years and the regulated and non-regulated revenues.

Following the signing of the financial agreement, SDG has been asked to act as Traffic and Technical Advisor for the banking consortium managing the financing of the works needed for airport expansion.

How we are doing it

As Traffic and Technical Advisor we are periodically supporting the Lenders in the monitoring of the construction programme of the airport that includes the improvement of the existing Terminal 1 and the construction of a new terminal to be known as Terminal Morandi. It also includes landside development (new parking areas), ancillary facilities and aprons to support both terminals. 

In order to do this we are reviewing all the technical and financial documents related to the investment plan and undertaking periodic site visits to evaluate the progress of each project. 

Based on the airport’s investment plan analysis, we will also verify the main conditions of the Financial Model that SAC will submit to the Lenders every six weeks in order to verify the bankability of the investment. In this task, our involvement is focused on the analysis of all the macro economic and financial input and review of the proposed traffic growth, revenues (regulated and non-regulated) and operating/maintenance costs.

During this activity we are drawing upon our strong industry experience and knowledge gained from our significant due diligence work.

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