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BAA holders OK ring-fenced migration for nine series of bonds
By Susanna Moon
Chicago, Aug. 12 - BAA Ltd. said bondholders approved its proposal to migrate bonds into a ring-fenced structure backed by Heathrow, Gatwick and Stansted Airports and Heathrow Express.
Results were finalized from meetings held on Aug. 5, as follows:
• £300 million 11¾% bonds due 2016 approved by 91% of holders;
• £250 million 8½% bonds due 2021 approved by 97%;
• £200 million 6 3/8% bonds due 2028 approved by 83%;
• £900 million 5¾% notes due 2031 approved by 96%;
• €1 billion 3 7/8% notes due 2012 approved by 94%;
• £400 million 5¾% notes due 2013 approved by 97%;
• €750 million 4½% notes due 2014 approved by 89%;
• €750 million 4½% notes due 2018 approved by 96%; and
• £750 million 5 1/8% notes due 2023 approved by 99%.
BAA said it expects to confirm shortly whether the conditions for effectiveness of the proposals have been satisfied or waived and, if so, the timetable for pricing and completion.
If the proposals proceed, the company said it would implement the escrow arrangement for all series of bonds.
On Aug. 6, the company said it secured overwhelming support for its plans to migrate all series of existing bonds into a new financial structure.
In meetings held on Aug. 5, the company said that holders of the nine series of bonds voted to accept BAA's proposal to migrate bonds into the new ring-fenced structure.
BAA added that a number of other requirements, including finalizing the arrangement of banking facilities for the non-designated airport group, are still required for the refinancing to be successful.
The company said it is aiming for completion in August.
BAA is a London-based airport operator.
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