ADI to refinance bonds

By Administrator |

Airport Development and Investment (ADI), the Ferrovial-led consortium that acquired BAA for ?10.1bn ($19.8bn) last June has announced a longer-term financing structure to refinance BAA's sterling and euro bonds.

ADI said yesterday that it is to migrate existing bondholders into an investment grade ring-fenced entity backed by the regulated assets of BAA. The consortium said this would require restructuring to separate regulated and non-regulated assets.
ADI said it will undertake a full consultation process and this will include consulting with leading bondholders.

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