In this market, any deal is news. But the BAA deal is big news. It is a complex refinancing involving the separation of regulated and non-regulated assets and the establishment of a single funding vehicle for BAA under which it can tap various sources of finance.
“I don’t think that I have ever been involved in a transaction presented with so many challenges,” says Steve Curtis, partner at Clifford Chance, which advised the arranging banks. “There were so many constituencies that needed to agree: shareholders, existing bondholders, junior lenders, new senior lenders, rating agencies and pension trustee – which was an enormous undertaking even before you consider the impact of the credit markets, the price review for the London airports, the market investigation and other regulatory matters.
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