Published On: Fri, May 27th, 2022

Airport completes refinancing of 2012-loan

PHILIPSBURG — Princess Juliana International Airport (PJIAE) completed the refinancing of its 2012-loan with a celebration at the Mimosa Sky Lounge on Rhine Road. The airport secured a $90 million loan package from lenders in St. Maarten (46 percent), Curacao (44 percent) and Aruba (10 percent). AIB Bank arranged the loan and the RBC Trust of Trinidad and Tobago functioned as the facility and security agent.

The airport’s chief financial officer, Ben van der Klift said that the new loan is “an important step forward and another vote of confidence. This also underscores our transformation into an airport with strong ambitions for the future.”

The airport’s performance improved during the first quarter of this year. “We see progress,” Van der Klift said. “The airport has positioned itself positively in the market while enhancing its financial abilities. This will allow us to execute our current rebuilding project and build new facilities like a new fuel farm, catering service and much more.”

But the airport is “not out of the woods yet,” he added. Hurricane Irma and the COVID-19 pandemic have had a deep impact on results during the last five years. “We are still on the road to recovery.”

Prime Minister Silveria Jacobs noted that the airport is playing an important role in the development of the economy. “By building, extending and improving thee facilities we will be able to welcome more passengers in the years to come.”

Without providing any details, the airport stated in a press release that the conditions for the refinanced loan are “more favorable” than those for the 2012-loan.