BAA’s refi drive takes off with £625m loan
UK airport operator BAA has signed a £625m four year ‘B’ loan to refinance some of its £1.57bn subordinated debt facility. The loan was increased from $500m after an oversubscription. Eight new and existing lenders participated in the deal which has an initial margin of 325bp for the first three years and which rises to 375bp in the final year.
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