ADI reports good progress on BAA

Airport Development and Investment (ADI), the consortium that bought British airport operator BAA last June, says it has made good progress on its refinancing plans. ADI has announced plans to refinance BAA's sterling and euro bonds with "a longer-term financing structure based upon proven techniques adopted by other regulated companies."

Since ADI, which is led by Grupo Ferrovial, purchased BAA for almost US$20 billion, bond investors who hold about US$10 of BAA debt in sterling and euros have been waiting for news on their investments.

BAA owns and operates nine European airports, including London Heathrow and Gatwick, as well as Capodichino International in Naples and Budapest Ferihegy. Company subsidiaries also operate ancillary services at airports around the world.

Source: Reuters