BAA has agreed a £625m, four-year junior debt facility in efforts to
replenish other lines of credit.
The airports operator intends to prepay up to £1.1bn of a £1.57bn
subordinated debt facility in September from a combination of proceeds from the
new four-year facility, drawings under revolving credit facilities and proceeds
from the sale of its stake in the airport property partnership APP in June, it
“This will enable BAA to rebalance its blend of debt at senior, junior and
subordinated levels whilst leaving financial ratios comfortably within required
levels,” BAA said in a statement to the City.
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