RSS feedbaa
’Ferrovial opposes BAA break-up plan
Ferrovial of Spain on Tuesday warned that a proposal by UK regulators to break up BAA, its UK subsidiary, would lead to poorer standards of services and a delay in the delivery of new runways. Despite its opposition to the Competition Commission’s findings,
BAA schadenfreude
For anyone who’s had the pleasure of circling Heathrow at 13,000 feet for two hours (capacity-restrictions) or queuing in line at security for 40 minutes (new anti-terror rules), today’s report on the BAA monopoly from the UK Competition Commission will be welcomed.
Snap news
The latest on Wednesday,
- Empyrean [EME] appoint John Laycock CFO – statement
- Competition commission may require BAA to sell three airports (two in London) – statement
- …Ferrovial/BAA: “We will be seeking urgent clarification from the government of how it believes this report’s findings can be reconciled with the air transport policy it established in 2003″
Bidding season for BAA airports
Rival groups and infrastructure funds are preparing bid approaches for UK airports owned by BAA as it completes a complex £13bn refinancing package on Monday for the debt put in place to back BAA’s buy-out by a Ferrovial-led consortium,
Breaking up BAA: What price an airport?
A break-up of BAA, the world’s biggest airport operator, is looking increasingly likely.
One of the company’s three Scottish airports (probably Glasgow) and at least one London airport look set to go.
BAA bondholders back refinancing
BAA has won bondholders’ backing for changes that the highly geared UK airports operator hopes will help it complete a £9bn refinancing within the next few weeks. BAA said Wednesday it had “secured overwhelming support” for the plan,
Snap news
The latest on Monday:
- BAE Systems makes £531m all cash offer for Detica – statement, offer.
- BAA receives lender approval for debt restructuring – statement
- Unilever sells North American laundry business to Vestar Capital partners for $1.1bn – statement
- Dawnay,
Snap news
The latest on Monday,
- BAA announces “significant progress” on debt refinancing; exchanges existing bonds – statement
- Friends Provident backs out of Pantheon Financial sale – statement
- Danway
Refinancing on a wing and a prayer
Despite its best efforts, BAA has been included in the provisional list of reference names constituting the 9th series of the iTraxx Crossover index, released Tuesday.
Which means the cost of the airport operator’s fantasy putative imminent refinancing is likely to be very,
Brace position: BAA is coming…
In how much trouble is BAA?
The airport operator – acquired by Spanish construction group Ferrovial in 2006 – has been a blip on the leveraged-finance disaster radar for a little while now.
Over the next five years,
Ferrovial refinancing hope
Ferrovial, the Spanish infrastructure group that controls UK airports operator BAA, said Tuesday it hoped to finalise its much-delayed £9bn debt refinancing by mid-year. The company warned that timing was still contingent on improved credit market conditions,
BAA’s rating crashes to junk status
BAA’s corporate credit rating has been cut to junk status by S&P in the latest blow to the heavily indebted airports operator, reports the Daily Telegraph. The credit rating agency said delays in BAA’s proposed refinancing of £9bn of debt coupled with “poor quality of services”
Macquarie, Fraport eye bid for BAA airport
Macquarie Bank, Australia’s largest investment bank, and Fraport, Frankfurt Airport’s owner, may bid for one or more airports in the UK, reports Bloomberg citing a report in the Sunday Express. Macquarie and Fraport are among the companies that have expressed interest in buying one or more of BAA’s airports in the southeast England,
Canadians lead Heathrow property bid
A Canadian pension plan manager is leading the race to buy a half-share in a swath of warehouses and offices around Heathrow for about £600m from BAA, the airports operator, reports The Times. La Caisse de Dépôt et Placement du Québec was part of the consortium,
That BIG debt issue from BAA reportedly set for March
It promises to be the biggest refinancing of its kind and may well attract the very highest credit rating — which is not bad for a company currently struggling under a debt pile that has left its estimated net interest cover at just 1.3 times.
CDS Report: A “whole business” solution at BAA?
European credit derivative prices widened a touch Tuesday morning as the market traded in a tight range ahead of the US Federal Reserve interest rate meeting and a slew of other key US data.
Of the single names,
CDS report: Sonaecom set to lose PT
Portugal Telecom was one of the biggest movers in the European credit derivatives markets on Tuesday morning after Sonaecom, its smaller local rival, said it would not lift its takeover offer, which at €9.50