Athens International Airport S.A. (“AIA”) issued over €1.1 billion bond loans for the management and operation of Athens International Airport. The deal was innovative and complex as it involved the development of a structure that addressed the repayment of the then senior EIB financing, the relaxation of the covenant package imposed during the COVID-19 pandemic, the introduction of new pari passu debt and the restructuring of the existing debt terms. AIA intends to use the bond loan proceeds as part of a new financing strategy aimed at enhancing value as the world reopens from the restrictions imposed as a result of the COVID-19 pandemic.The total deal value was over €1.1 billion. The refinancing was implemented through the issuance of a secured bond loan of over €1 billion and additional borrowing of just under €30 million under a pre-existing secured bond loan.