BRITISH AIRPORTS AUTHORITY SEEKS CREDIT FACILITY
<British Airports Authority Plc>, which
will be privatised later this year, is seeking a 200 mln stg
multiple option facility, banking sources said.
    The facility will incorporate a 100 mln stg revolving
standby credit and a 50 mln stg swingline credit, both of which
will be available for seven years. There also will be an
uncommitted tender panel for the issue of sterling and
multi-currency advances and sterling acceptances.
    A minimum of 65 pct of the revolving credit will be
immediately available, with a facility fee of six basis points.
    Up to 35 pct of the revolving credit will be available
subject to two months notification. There will be a facility
fee of three basis points while this is not utilised, after
which the fee rises to six basis points.
    Drawings will be at 10 basis points over the London
Interbank Offered Rate, plus mandatory liquid asset
requirements, or a 10 basis point sterling acceptance
commission. The swingline will be available for a maximum of
seven days. There will also be a participation fee of five
basis points for 12.5 mln stg.
    The financing is being arranged by Samuel Montagu and Co
Ltd and is being syndicated on a restricted basis among a group
of the borrower's relationship banks.
 REUTER
