Ferrovial, the Spanish group which took over BAA three years ago, is reportedly in discussions with lending banks to refinance more than €3 billion of group bank debt.
The debt includes loans taken out in 2006 to help finance the £10.3 billion takeover over of BAA, which owns Gatwick, Heathrow and Stansted airports, according to the Financial Times.
The report comes as a bid battle continues to rage over Gatwick. BAA was ordered to sell the airport by the competition regulator in March.
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Gatwick: bidding continues |
According to the Financial Times, Ferrovial pledged most of its 67 per cent stake in Cintra, the separately listed toll road group, to banks as part of the original deal. However, its plans now to “re-absorb” the motorway business through a share swap with minority shareholders, meaning Cintra will no longer qualify as collateral.
Last week, BAA tried to stave off the break up of the group by appealing against the decision by the Competition Commission.