Heathrow talks £250 million 10.5-year bullet to yield in 5 5/8% area; books close Tuesday

By Paul A. Harris

Portland, Ore., Oct. 7 – Heathrow Finance plc talked a £250 million offering of non-callable 10.5-year senior secured notes (expected ratings Ba3/BB+) to yield in the 5 5/8% area, according to a market source.

Books close at 11:30 a.m. ET on Tuesday, and the deal is set to price thereafter.

The quick-to-market Regulation S only deal was shopped via an investor conference call earlier Tuesday.

Joint physical bookrunner Morgan Stanley will bill and deliver. Deutsche Bank and Royal Bank of Scotland are also joint physical bookrunners.

Barclays, ING, Citigroup and CBA are passive bookrunners.

Proceeds will be used to refinance debt and for general corporate purposes.

The issuer is an international airport in London.

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