02.09.10
Heathrow owner BAA raised £400m from the sale of 6.25% eight year secured subordinated bonds this week, as it continues to refinance the debt taken on at the time of its takeover by Spanish infrastructure company Ferrovial. The 'class B bonds' rank after senior debt for repayment and were priced to yield 375 basis points above UK Government notes, Bloomberg reports.
BAA said in July that it plans to improve its ‘gearing and cost of funding’ by refinancing a £1.57bn subordinated loan due next year that pays 400 basis points more than benchmark rates. The airport operator replaced much of the debt in August with a £625 million four year loan at a margin of 325 to 375 basis points.
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