January 31, 2018 / 8:18 PM / 24 days ago

UPDATE 1-HNA unit Swissport gets financing for Aerocare deal

(Adds comment on HNA partially repaying loan made by Swissport to affiliate)

ZURICH, Jan 31 (Reuters) - Ground services and cargo handling group Swissport, a unit of cash-strapped Chinese conglomerate HNA Group, said it has secured a 325 million euro ($403 million) financing commitment from Barclays to support its acquisition of Australian ground handler Aerocare.

The deal is now set to complete on March 7, it said in a statement on Wednesday.

Swissport also said it was proceeding with plans for an initial public offering in the second quarter of 2018 and was finalising the appointment of global coordinators.

HNA has faced a cash crunch since the end of last year and people close to the matter had told Reuters that it was considering floating Swissport as it seeks to fix its finances.

Swissport, in its statement, said HNA had repaid 52 million euros from a loan the Swiss unit had made to another HNA affiliate, but did not provide further details.

$1 = 0.8055 euros Reporting by Michael Shields; Editing by Susan Fenton

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