BAA places £235m Sterling bond to refinance existing debt

Press releases

BAA today announces that it has successfully placed a £235 million Sterling index-linked bond, with a 2039 maturity and a fixed real annual interest coupon of 3.334%. This latest issue follows the placement last week of a £700 million, 17-year bond issue, undertaken by the company on 27 November 2009. Proceeds from the bond issue will be used to re-finance existing debt and will lengthen the company's debt maturity profile. Fred Maroudas, BAA's director of treasury, said: "Following the placement of a £700 million Sterling bond last week, this latest issuance is the largest corporate index-linked bond in the Sterling market in the last two years and provides further evidence that a broad range of high quality investors recognise the long-term strength of BAA's airports and the progress made in recent months. "Index-linked funding is a natural choice for BAA given that both the company's asset base and its revenues are driven by inflation."


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