BAA launches final stage of subordinated debt refinancing
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Published on 10/26/2010
Following repayment of £1,100 million of its subordinated debt facility in September 2010, BAA is pleased to confirm plans for refinancing the remaining £465.8 million of this facility held at BAA (SH) plc (BAA (SH)), the holding company for BAA (SP) Limited and its subsidiaries that own BAA’s London airports.
BAA (SH) has entered into a £250 million loan facility with a group of institutional investors and banks. The new facility includes a £75 million one year tranche and a £175 million five year tranche with margins of 4.25% and 5.00% respectively.
BAA (SH) intends to complete the refinancing of its existing subordinated debt facility through capital markets issuance in the near future.
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