Gatwick owner plans more debt
22.06.10
The infrastructure fund which owns a majority stake in Gatwick has plans to increase its leverage on the asset, Reuters reports that one of the partners who led its acquisition said yesterday. Global Infrastructure Partners (GIP) bought Gatwick from BAA last December for £1.45 billion, equivalent to 87 percent of the airport's regulated asset base (RAB) at the acquisition date.
GIP partner Michael McGhee told the Transfin 2010 conference in Barcelona yesterday: ‘We estimate the debt-to-RAB ratio (at the time of Ferrovial's acquisition of BAA) to have been around 75-80 percent, whereas we had 43 percent. The availability of debt in the first half of last year probably reached rock bottom. We would think (Gatwick's) debt would increase over time, we will extend the maturity a bit later in the bond markets.’ Gatwick could end up with a debt-to-RAB ratio of 60 to 65 percent, he added.
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