Ferrovial studying bond issue for BAA's debt refinancing - source |
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Wed, 31 Jan 2007 13:04
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MADRID (AFX) - Grupo Ferrovial SA is studying the possibility of refinancing its BAA unit's debt pile through a bond issue, and expects to make an announcement on the matter over the coming days, a source close to the Spanish constructor said.Earlier, press reports cited rating agency Standard & Poor's comments that the bond issue, for a minimum of 8 bln stg, will be guaranteed with the cash-flows from BAA's Heathrow, Gatwick and Stansted airports, all regulated assets.The issue may get a triple A rating from S&P, analysts noted.The source said Ferrovial is 'currently talking to investors.'In December, Ferrovial said it was studying the restructuring of BAA's business, aimed at splitting up its commercial activity and regulated business, making it easier for the UK airports operator to refinance its debt.Analysts have noted that Ferrovial is targeting a revised rating for BAA's debt from the top agencies such as S&P, Moody's and Fitch.afxmadrid@afxnews.comjdy/gpCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Ferrovial to refinance BAA's 9.3 bln stg debt via securitisation deal - report 