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Tuesday 19 June, 2012

BAA Limited

BAA completes follow-on US$ bond issue

RNS Number : 6352F
BAA Limited
19 June 2012
 



 

 

Not for release, publication or distribution in whole or in part, directly or indirectly, in or into the United States of America.

 

19 June 2012

 

BAA completes follow-on US$ bond issue with US$500 million 3 year issue

 

BAA is pleased to announce the successful placing of a US$500 million 3 year bond, following its inaugural US dollar debt capital markets transaction completed in June 2011.

 

The bond issue follows a roadshow completed last week in the US and saw a range of major US investors supporting the transaction, which was more than three times oversubscribed. This issue demonstrates BAA's commitment to return to each of the currency markets in which it has recently established a presence and has allowed further diversification of its investor base.

 

The bond has a fixed annual coupon of 2.5% and priced at the tight end of guidance at 215 basis points over Treasuries, providing an attractive cost of funds to BAA.

 

Proceeds from the bond issue will be used to repay a significant proportion of the £427 million remaining under the Group's capital expenditure facility, which is due for repayment in August 2013. The capital expenditure facility was replaced last week with a new five year £2 billion revolving credit facility which is presently undrawn.

 

Fred Maroudas, BAA's Director of Treasury, said: "We are delighted with the outcome of this transaction as we start to build on the initial presence we established in the US dollar bond market last year. We look forward to further developing our broadened range of US investor relationships in the years ahead."

 

For further information please contact:-

 

BAA

 

 

Investor enquiries

Andrew Efiong

020 8745 2742

Finsbury

 

 

Media enquiries

Andrew Dowler or Don Hunter

020 7251 3801

 

 

This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in the United States or in any jurisdiction in which such offer or solicitation is unlawful. The securities referred to herein may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended (the "Securities Act") except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act. There will be no public offer of the securities in the United States.

 

 

 

Registered in England No 06458621  Registered Office: The Compass Centre, Nelson Road, Hounslow, Middlesex, TW6 2GW


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