Ferrovial, BAA's controlling shareholder, is pressing ahead with a refinancing of the UK airports operator, according to press reports. Royal Bank of Scotland and Citigroup are said to be in talks with a consortium of eight banks, expected to include Spain's Santander and the Bank of Montreal.
According to the unconfirmed reports, the deal will be done in two stages, with a first stage raising funds against the non-regulated assets and a second, larger stage raising about £10 billion against the three London airports. After last week's Competition Commission report, it will be structured in order to allow the easy separation of one of the airports if Ferrovial is forced to sell. |
