Clifford Chance advises Citi and The Royal Bank of Scotland on first new bond issuances for BAA – EUROPE, MIDDLE EAST & AFRICA Monday 14 December 2009

Clifford Chance advised Citi and The Royal Bank of Scotland, as co-arrangers, and the other members of the dealer group, on a £700 million bond issuance by BAA Funding Limited, which closed on 3 December 2009. Clifford Chance also advised the dealer group on the second bond issuance from the programme, which was a £235 million transaction that closed on 9 December 2009.

These were the first new bond issuances by BAA Funding Limited following the establishment of its bond issuance programme, on which Clifford Chance also advised Citi and The Royal Bank of Scotland, in August 2008. The bond issuance programme provides long-term capital markets financing for Heathrow and Stansted Airports.

Emma Matebalavu, the partner who led the Clifford Chance transaction team for both issuances, comments: “We are delighted to have helped our clients put together these landmark bond issuances for BAA. 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.”

The capital markets transaction team was led by partners Emma Matebalavu and Steve Curtis, assisted by associates Oliver Campbell and Kathryn James.

A separate team of lawyers from Clifford Chance, led by Susan Rose and assisted by senior associate Bruce Kahl and associate Sam Dundas, advised Deutsche Trustee Company Limited as bond and borrower security trustee on the transaction.

BAA was advised by Freshfields Bruckhaus Deringer LLP.

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