BAA can bank on paying its debts with Gatwick sale
Sale proceeds covers £1.0 billion debt
By Reuters on 28 October 2009 in News
Gatwick Cash Covers Debt Payments To 2011 - BAA
Debt-laden British airports operator BAA said £1.2 billion pounds (USD$1.97 billion) in cash raised from the sale of London's Gatwick airport will enable it to cover all significant financing commitments until 2011.
The operator, majority-owned by Spain's Ferrovial, said in a trading statement that proceeds from the £1.51 billion sale agreed earlier this month would cover in full £1.0 billion of debt maturing next March.
Net debt at September 30 was £9.771 billion, up from £9.426 billion at the end of 2008, and the firm was operating comfortably within its financial ratios.
It said nine months adjusted earnings before interest tax, depreciation and amortisation (EBITDA) rose 16.8 percent to £804.6 million. Operating costs fell 3.3 percent and one-off pretax charges totalled £537 billion.
Its outlook for 2009 remained in line with expectations.
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