Macquarie Airports has increased its stake in Sydney Airport to 74 per cent through its cash payment to help reduce the airport's debt.
Macquarie Airports paid $711 million as Sydney Airport's shareholders paid a total $870 million to retire debt maturing this September and November, the Sydney-based company said in a statement on Wednesday.
Sydney Airport's net senior debt is now $4.6 billion with no material maturities till September 2011.
Based on earnings before interest, tax, depreciation and amortisation (EBITDA) of $657 million for the 12 months to March 31, the net debt to EBITDA ratio is seven times.
Sydney Airport's EBITDA grew 2.2 per cent in the first quarter of 2009.
Macquarie Airports' cash balance stood at $766 million, before taking into account the expected proceeds from the coming tender of the company's interest in Japan Airport Terminal.
© 2009 AAP
