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4.33 Events after the Balance sheet date
The Airport Company under the EIB Debt Restructuring process signed the related Finance Documents on
19/12/2008 and the Security Documents on the 15/1/2009. The Finance Documents define the terms &
conditions of the EIB Loan Facility, whereas the Security Documents release all the collaterals that have been
assigned to the Security Agent and reassigned them directly to the EIB. According to these agreements,
the Greek State Guarantee will be decreased approximately to 50% of the EIB Loan without amending
the repayment profile. The portion of the EIB Loan no longer guaranteed by the Greek State will be fully
amortized by 2015. The guaranteed portion of the EIB Loan, and therefore the underlying Greek State
Guarantee will start amortizing thereafter (i.e. 2016- 2021).
Furthermore, the interest payment of the non guaranteed portion of the EIB Loan is calculated with a risk
margin rate of 30 basis points over EIB base rate until 2015. Τhe finalization of the Debt Restructuring
Project was scheduled to be effective on 28th February 2009, provided that the following pending steps
should be completed:
a. the assignment of the revenues from airport users, the insurance claims, the pledge of the airport
accounts and the assignment of ADA to the EIB should be completed,
b. the Greek State Guarantee Agreement between the EIB & the Greek State should be signed and the
relevant Ministerial Decision should be issued and,
c. the Hellenic Republic Undertaking Letter should be signed by Greek State.
Financial Statements as at 31 December 2008 (Amounts in Euros unless otherwise stated)
4.33 Events after the Balance sheet date
The Airport Company under the EIB Debt Restructuring process signed the related Finance Documents on
19/12/2008 and the Security Documents on the 15/1/2009. The Finance Documents define the terms &
conditions of the EIB Loan Facility, whereas the Security Documents release all the collaterals that have been
assigned to the Security Agent and reassigned them directly to the EIB. According to these agreements,
the Greek State Guarantee will be decreased approximately to 50% of the EIB Loan without amending
the repayment profile. The portion of the EIB Loan no longer guaranteed by the Greek State will be fully
amortized by 2015. The guaranteed portion of the EIB Loan, and therefore the underlying Greek State
Guarantee will start amortizing thereafter (i.e. 2016- 2021).
Furthermore, the interest payment of the non guaranteed portion of the EIB Loan is calculated with a risk
margin rate of 30 basis points over EIB base rate until 2015. Τhe finalization of the Debt Restructuring
Project was scheduled to be effective on 28th February 2009, provided that the following pending steps
should be completed:
a. the assignment of the revenues from airport users, the insurance claims, the pledge of the airport
accounts and the assignment of ADA to the EIB should be completed,
b. the Greek State Guarantee Agreement between the EIB & the Greek State should be signed and the
relevant Ministerial Decision should be issued and,
c. the Hellenic Republic Undertaking Letter should be signed by Greek State.
Financial Statements as at 31 December 2008 (Amounts in Euros unless otherwise stated)
