BAA's lead shareholder Ferrovial reports that it has secured a E.3.3bn ($4.6bn) loan deal with 35 banks which will cover its debt servicing requirements across the business for the next three years after it has

completed its planned merger with motorway company Cintra.

In a statement, the company said: ‘The signing of the agreement with the banks strengthens the financial structure of the Group by providing an even stronger base from which its entire asset portfolio can be managed. The new structure, whose financial close would take place once the process of the merger with Cintra is concluded (at present under study), smoothes the way for any such merger to take place.’

Adding his comments, Ferrovial CFO Nicol?s Vill?n said that Ferrovial's corporate debt would no longer have any linkage with any movement in Cintras' share price: ‘The significant amount of both Spanish and international banks participating in this operation reveals a great deal of confidence in Ferrovial,’ he said.

‘Not only do we have plans underway to reduce our debt level through the rotation of mature assets, but we also anticipate – like other large companies – possible future needs in a financial setting such as that of today,’ he concludes.