BAA looks to shareholders for £400m extra funding
Published Date:
10 May 2008
SHAREHOLDERS are being asked to put up an extra £400m for airports operator BAA amid concerns over its plans to refinance £10bn in debts.
The group – majority owned by Spanish firm Ferrovial – said yesterday it had "not yet finalised certain aspects" of the refinancing due to "challenging market conditions".
BAA had been hoping to transfer around £4.7bn in bonds into a new funding vehicle backed by its three London airports – Heathrow, Gatwick and Stansted – as well as the Heathrow Express but the company said it had not yet received sufficient commitment from banks for the refinancing move.
It hopes to begin consultation with bondholders soon when aspects of the refinancing had been finalised.
A BAA spokesman said it was sticking to its timetable of refinancing its debts in the summer and denied the £400m it wanted from from shareholders was emergency funding.
The full article contains 151 words and appears in n/a newspaper.
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Last Updated:
10 May 2008 8:27 AM
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Source:
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Location:
Yorkshire
