On February 17, 2011, French-based private equity firm PAI partners ("PAI") and Swissport International ("Swissport") completed a secured CHF 350 million and US$425 million high yield bond offering through an affiliate of PAI partners. Citigroup Global Markets, Barclays, BNP Paribas and Royal Bank of Canada were the joint lead managers and joint bookrunners. The proceeds of the bond financing were used by PAI to partially fund the acquisition of Swissport from the Spanish infrastructure group Ferrovial for EUR 695 million. PAI is one of the oldest and most experienced private equity firms in Europe with its origins dating back to Paribas Affaires Industrielles, the historical principal investment activity of Paribas, the pan-European merchant bank which merged with BNP in 1999.Swissport is a worldwide leader in ground handling services, providing ramp services (baggage loading, de-icing, fuelling), passenger services (check in, boarding) and cargo services to hundreds of airlines. PAI and Swissport were advised on the high yield bond financing as to Canadian law by Fasken Martineau. The Fasken Martineau team included John Elias, Félix Gutierrez, Graham Phoenix and Marc Lefler (banking & finance), Gabriel Castiglio (securities) and Ron Nobrega (tax).