- The resulting capital structure will facilitate recurring access to the bond markets.
- The operation includes capitalising funds at FGP Topco and a monetary contribution from the shareholders, to be made in the early months of 2010.
Madrid, 13 November 2009.- Ferrovial and its partners have implemented a plan to optimise the financial structure of BAA by an estimated 500 million pounds sterling (557.5 million euro) in order to strengthen the capital base of the group's regulated airports, which are located in London. The plan will lay the groundwork for BAA to issue bonds.
Approximately 60% of the plan will involve funds available within FGP Topco, the parent company of the airport management group, capitalising approximately 300 million pounds (334 million euro). The shareholders have also undertaken to provide up to 200 million pounds (223 million euro) in cash, in proportion to their stakes in BAA. Ferrovial, which owns 55.8% of BAA, will contribute around 112 million pounds (125 million euro). The capital contributions will be paid in the early part of 2010.
"The Department of Transport's decision on 13 October which clarified certain aspects of the new regulation, the sale of Gatwick, stronger traffic at Heathrow and the shareholders' decision should all facilitate BAA's access to the bond markets," said Íñigo Meirás, CEO of Ferrovial, BAA's largest shareholder.
Within the framework of this financial structure optimisation plan, BAA is considering a return to the capital markets by issuing bonds. This set of decisions seeks to establish a solid financial framework to enable BAA to undertake its investment projects.
About Ferrovial
Ferrovial is one of the world's leading infrastructure groups, with over 100,000 employees, a presence in 49 countries and operations in a range of complementary industries such as construction, airport and toll road management and maintenance, and municipal services. The company owns two of the world's leading private transport infrastructures: Heathrow airport, in London, and 407 Express Toll Route, in Toronto. Over 60% of Ferrovial's revenues come from outside Spain, mainly from other OECD countries. The company, which is listed on the Madrid Stock Exchange, is a member of the prestigious Dow Jones Sustainability Indices and FTSE4Good.
