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Heathrow to sell £350 million seven-year secured notes; initial talk 7% area; books close Tuesday
By Paul A. Harris
Portland, Ore., March 11 – Heathrow Finance plc began marketing a £350 million offering of seven-year senior secured bullet notes (expected ratings B1/BB+) on Monday, according to a market source.
The non-callable Regulation S notes are in the market with initial price talk in the 7% area.
The deal was scheduled to kick off with an investor call on Monday during the London morning. The call was scheduled to be followed by virtual meetings with investors later in the Monday session.
Books close at 6 a.m. ET on Tuesday.
Physical bookrunner Barclays will bill and deliver. BofA, ICBC, JPMorgan and Morgan Stanley are also physical bookrunners.
Goldman Sachs, SG and Credit Agricole are passive bookrunners.
Proceeds will be used for general corporate purposes.
The prospective issuer is the holding company for London’s Heathrow airport.
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