By Paul A. Harris
Portland, Ore., Dec. 6 - Heathrow Finance plc priced a £275 million issue of senior secured notes due Sept. 2, 2019 (Ba3//BB+) on Thursday at par to yield 5 3/8%, according to an informed source.
The yield printed in the middle of the 5¼% to 5½% yield talk.
Deutsche Bank AG, JPMorgan and RBS were the physical bookrunners. Barclays, Bank of America Merrill Lynch, ING and Morgan Stanley were the joint bookrunners.
Proceeds will be used to refinance bank debt and for general corporate purposes.
The issuer is a special purpose vehicle of London's Heathrow Airport.
Issuer Heathrow Finance plc
| Amount: | £275 million
|
| Maturity: | Sept. 2, 2019
|
| Securities: | Senior secured notes
|
| Physical bookrunners: | Deutsche Bank AG, JPMorgan, RBS
|
| Joint bookrunners: | Barclays, Bank of America Merrill Lynch, ING, Morgan Stanley
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Spread: | 427.5 bps
|
| Call protection: | Non-callable
|
| Trade date: | Dec. 6
|
| Settlement date: | Dec. 14
|
| Ratings: | Moody's: Ba3
|
| Fitch: BB+
|
| Distribution: | Regulation S only
|
| Price talk: | 5¼% to 5½%
|
| Marketing: | Quick to market
|
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