Friday, 27 March 2015
Last updated 3 hours ago
Aug 6 2008 | 9:27am ET
BAA, the British airports operator that runs London’s Heathrow Airport, has managed to win the support of hedge fund Polygon Investment Managers for a new funding structure.
Polygon, which owns slightly more than 25% of BAA’s 2031-dated bonds, had been withholding its votes in favor of the plan in an effort to win further concessions. BAA, which also operates London’s Gatwick and Stansted airports, as well as four airports in Scotland, needed at least 75% approval from bondholders in each series of bonds.
BAA said today that it had won “overwhelming” support from holders of all nine series of bonds. It is unclear what, if any, additional concessions were made to win over Polygon.
Under the plan, BAA will “migrate” the £4.7 billion in bonds to new investment-grade debt backed by the three London Airports and its shuttle train to downtown London, Heathrow Express.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…