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BAA today (Wednesday 6th August 2008) announces that it has secured overwhelming support for its plans to migrate all series of existing bonds into a new financial structure.
In meetings held yesterday, holders of the nine series of bonds voted to accept BAA's proposal to migrate bonds into the new ring-fenced structure, backed by Heathrow, Gatwick and Stansted Airports and Heathrow Express.
This outcome represents a significant step in the re-financing process. BAA expects to make a further announcement soon, confirming that the conditions relating to the effectiveness of the Proposals have been satisfied or waived.
A number of other workstreams (including finalising the arrangement of banking facilities for the non-designated airport group) are still required for the re-financing to reach a successful close. BAA works towards completion during August.
