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Palermo airport, Gesap investments restart

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The investment plan of Gesap, the management company of Palermo’s Falcone Borsellino airport, of which Giovanni Scalia is managing director, is restarting. The company closed a 37 million euro loan with two lines of credit granted with equal shares by Intesa Sanpaolo and UniCredit and guaranteed by Sace. The deal counsel for the operation was Studio Grimaldi.

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After months of sharing with our financial partners – says Giovanni Scalia – we have closed this important operation that guarantees the continuation of the investment plan, with the modernization of the terminal, greater services for passengers and particular regard to environmental issues. The addition of new capital certifies the great commitment of the organizational structure and pushes Gesap towards important development prospects, which lock the future of the company, with important repercussions also in the economic fabric of the territory ». The loan is used to support the 70 million investment plan that Gesap is carrying out and «which will give new services and new revenues to the airport thanks to the work that will be done but also to the community – says Scalia -. Meanwhile, the airport is doing very similar volumes to those of 2019. We are holding on ».

The first line of credit amounts to 19 million and has a ten-year duration while the other line of credit is equal to 18 million and has a duration of 6 years: both are intended to finance the 2020-2023 investment plan of Gesap which was recently revised due to the situation caused by the Covid emergency, and to support the dynamics of working capital. «We are particularly pleased to participate in this important loan which contributes to strengthening Palermo Airport, raising quality standards for the sure benefit of the entire community – says Salvatore Malandrino, UniCredit Sicily Regional Manager -. The importance of investments in the infrastructure system has emerged even more evident to allow a quick restart in post covid and to ensure an even more solid return to the “new normal”. This operation also confirms UniCredit’s full operation on all possible solutions envisaged by the Liquidity Decree and our Group’s commitment to supporting local companies to direct their energies towards an eco-sustainable future and to favor the ESG transition processes “.

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The first credit line in particular provides for a step up / step down mechanism with a mechanism for increasing or reducing the rate applied to the loan upon reaching 3 Kpi Esg (based on the reduction of polluting emissions, reduction of water consumption, of personnel on environmental issues). «With this operation, we renew our support for a company of primary importance in the infrastructural landscape of our country such as Gesap – explains Giovanni Costigliola, Head of the Corporate South Area of ​​the IMI Corporate & Investment Banking Division of Intesa Sanpaolo. The loan will allow the company to develop its investment plan, with important benefits for the area in which it operates. The agreement with Gesap also demonstrates how a sustainable and responsible approach to business, which Intesa Sanpaolo wishes to stimulate, is increasingly central to corporate strategies “.

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