GIP to replace bank debt with bonds
24.02.10
Global Infrastructure Partners (GIP), the new owner of Gatwick, is to issue bonds to refinance bank debt used to buy the hub. GIP partner Michael McGhee told the ACI Airport Economics & Finance conference in London yesterday: ‘Our plan is to replace short-term bank debt with long- term bonds.’
The New York-based private-equity firm borrowed £740m from a bank syndicate to help finance the £1.51bn acquisition of Gatwick from BAA in December. Earlier this month it agreed to sell stakes in Gatwick to the Abu Dhabi Investment Authority and to Korea’s National Pension Service, syndicating the equity part of the acquisition. The bonds to refinance the debt would be issued later this year ‘if market conditions are good,’ and they will be sold in Gatwick’s name, not GIP’s, Mr McGhee said.
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