BAA, the UK airports operator owned by Spanish infrastructure group Ferrovial, has successfully refinanced £1.5 billion (€1.79 billion; $2.3 billion) of debt, the company said in a recent statement.
The airports operator has repaid £1.1 billion of a £1.57 billion subordinated debt facility last Friday using £625 million from a new junior debt facility announced on August 20; £375 million drawn from an existing revolving capex facility; and £100 million from the sale of BAA’s interest in airport property partnership APP in June.
In addition, BAA also repaid £439 million of a £2.19 billion bank term loan facility linked to its London airports. It did so using the proceeds from a £400 million bond issue in September together with funds drawn from its revolving capex facility. That leaves BAA with £1.75 billion of outstanding debt under its bank term loan facility, the company said.
Ferrovial acquired BAA in 2006 for an enterprise value of £16 billion. BAA reported a pre-tax loss of £279 million during the first half of 2010, down from a £545 million loss posted in the previous comparable period.
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