London City airport gains £490m refinancing from leading banks

A group of nine leading banks have agreed a combined £490 million refinancing deal for London City airport.

Beyond refinancing existing debt, a supplementary capital expenditure provision will allow the docklands airport to drive IT and terminal infrastructure upgrades, including increased check-in desk capacity, additional luggage belts, improvements to lounges and car parking expansion.

This will deliver “significant enhancements” to the passenger experience. 

A portion of the financing will also support community programmes designed to manage and reduce the impact of aircraft noise within the local area, according to a statement.

Sean Cook, head of infrastructure origination Europe at German bank NORD/LB, said: “We are delighted to support the refinancing of London City Airport. 

“The funds will help to enhance the customer experience and ensure it continues to maintain its position as London’s fastest gateway to Europe.”