London Gatwick Airport owner to sell bonds to refinance debt

UK's London Gatwick Airport owner, Global Infrastructure Partners (GIP), plans to sell bonds later this year to refinance debt used to purchase the airport (Bloomberg, 23-Feb-2010). GIP plans to replace its short-term bank debt with long term bonds. The bonds are to be sold in the airport's name. GIP borrowed GBP740 million from a bank syndicate to finance the GBP1.5 billion purchase of Gatwick.