BAA welcomes loonie bonds

Airports operator BAA has raised C$400 million (£250m) through its first issue of bonds denominated in Canadian dollars.

By The Newsroom

Published 23rd Jun 2012, 01:00 BST

The owner of Aberdeen, Glasgow, Heathrow and Southampton airports said the proceeds from the so-called maple bonds, combined with its successful issue of US dollar bonds earlier this week, will let it fully repay the £427m remaining under its capital expenditure facility, which is due for repayment next year.

Last week, the group agreed a five-year, £2 billion revolving credit facility with its lenders, including banks in Australia, Canada and the UK.

Director of treasury Andrew Efiong said: “This puts BAA in its strongest liquidity position for many years as it continues with Heathrow’s transformation through its extensive capital investment programme.”