Ferrovial’s Heathrow Airport potential 60% stake sale may see early $3bn debt repayment

Ferrovial’s intention to sell a 25% stake in Heathrow Airport has evolved into a potential sale up to 60%, as other shareholders have exercised their rights under the transaction. This could lead to a potential early repayment of up to £2.4bn ($3bn) as the expanded deal may trigger a change-of-control clause in Heathrow Finance’s debt documentation, under certain conditions. The change-of-control debt repayment could be covered through a combination of available liquidity and debt refinancing, which may result in an increase in the cost of debt. American credit rating agency Fitch Ratings said: “We expect Heathrow to have about £2.4bn