The UK-airports operator, owned by Ferrovial, successfully refinanced £625m of junior debt with eight banks, an increase on the original £500m it was seeking. BAA said it plans to repay £1.1bn of a £1.57bn debt facility in September, prompting credit default swaps on the group’s debt to fall.
The UK-based asset manager announced yesterday that clients in one of its UK infrastructure funds are threatening legal action against the group. The fund in question has been underperforming since its inception and is fully invested in a single company and its projects.
The Australian asset manager has just launched a new listed vehicle targeting infrastructure investments across the globe including energy, transportation, communication and water. The fund’s investment team, headed by Craig Noble, will have a presence in London, Chicago, Hong Kong and Sydney.
The ministry of finance has launched the Indonesia Infrastructure Finance company to provide long-term funding for the country’s infrastructure and promote PPPs. It launches with $179m of equity and committed loans of up to $224m.
Ed Greene, who lead the Asia business for placement agent CP Eaton Partners, has now launched his own firm. Starting with nine staff, Diamond Dragon Advisors is to advise on sectors including real assets, real estate, private equity, and hedge funds.
Balfour Beatty Capital and consortia led by Macquarie Capital and Transmission Capital Partners have been selected as preferred bidders for £700m of transmission links for seven offshore UK wind farms.
In an interim management statement released today, HSBC Infrastructure, the listed UK infrastructure investor, said it has raised additional equity capital of £41.7m through a series of tap issues over the last few months.
Property group AMB, Artha Capital, Mexico Retail Properties and Prudential Financial’s Mexican unit will seek to raise about $1.28bn via the Mexican Stock Exchange. State-backed infrastructure fund Fonadin will invest $253m in the funds, with the rest expected to come primarily from local pension funds.
The European Bank for Reconstruction and Development and World Bank unit the IFC have jointly raised €200m from a group of eight commercial banks in support of Russia’s Pulkovo airport PPP, which will see the reconstruction and expansion of the St Petersburg airport.
GCP Infrastructure Investments, a new infrastructure debt vehicle set up by fund manager Gravis Capital Partners, has raised £40m from an initial public offering on the London Stock Exchange. The fund aims to provide subordinated debt to UK private finance initiative projects.
The Canadian private equity investors are at ‘advanced’ stages of due diligence for what would be the largest UK LBO this year.
Matthew Hudson, formerly of SJ Berwin and Coller Capital, has founded a law firm which will charge fees based on clients’ success rather than billable hours.
The UK rolling stock company has successfully issued a £300m 10-year ‘bullet’ bond and a £500m 25-year amortising bond as part of its debt refinancing programme.
A survey of European investors in infrastructure by placement agent Probitas Partners has discovered a preference for independent, global funds and ten-year fund durations. It also found that most European limited partners have dedicated allocations for infrastructure.
The global asset management and advisory firm aims to ramp up direct investments in Latin America, including clean energy infrastructure deals.