CC and Freshfields take lead roles on £935m BAA bond launches
Clifford Chance (CC) and Freshfields Bruckhaus Deringer have picked up mandates on airports operator BAA's programme of bond issuances. CC advised co-arrangers Citi and The Royal Bank of Scotland (RBS), with London capital markets partners Emma Matebalavu and Steve Curtis taking lead roles.
December 11, 2009 at 07:32 AM
2 minute read
Clifford Chance (CC) and Freshfields Bruckhaus Deringer have picked up mandates on airports operator BAA's programme of bond issuances.
CC advised co-arrangers Citi and The Royal Bank of Scotland (RBS), with London capital markets partners Emma Matebalavu and Steve Curtis taking lead roles.
The first bond valued at £700m closed on 3 December, while a second bond valued at £235m closed on 9 December.
Matebalavu commented: "These deals have been several years in the making and it is very rewarding to work on the first new public bond issuances from this programme."
CC also advised Deutsche Trustee Company as bond and borrower security trustees with a team led by corporate finance partner Susan Rose.
The bond issuances are the first for BAA after establishing the programme in 2008, designed to fund expansion of Heathrow and Stansted airports.
Meanwhile, Freshfields advised longstanding client BAA with a team led by London finance partner Marcus Mackenzie.
Freshfields also advised the airport authority on the October sale of Gatwick Airport to Global Infrastructure Partners.
Slaughter and May advised Global Infrastructure on the sale, while Allen & Overy advised a consortium of banks including JPMorgan, Credit Suisse, BayernLB, Banco Espirito Santo, Calyon, Grupo Santander, HSBC, Royal Bank of Canada, Royal Bank of Scotland, SMBC, Societe Generale and WestLB.
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