By Paul A. Harris
Portland, Ore., Oct. 7 – Heathrow Finance plc priced a £250 million issue of non-callable 10.5-year senior secured notes (expected ratings Ba3/BB+) at par to yield 5¾% on Tuesday, according to market sources.
The yield printed at the wide end of yield talk in the 5 5/8% area.
Joint physical bookrunner Morgan Stanley will bill and deliver. Deutsche Bank and Royal Bank of Scotland were also joint physical bookrunners.
Barclays, ING, Citigroup and CBA were passive bookrunners.
Proceeds will be used to refinance debt and for general corporate purposes.
The issuer is an international airport in London.
| Issuer: | Heathrow Finance plc
|
| Amount: | £250 million
|
| Maturity: | March 3, 2025
|
| Securities: | Senior secured notes
|
| Joint physical bookrunners: | Morgan Stanley (bill and deliver), Deutsche Bank, Royal Bank of Scotland
|
| Passive bookrunners: | Barclays, ING, Citigroup, CBA
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Call protection: | Non-callable
|
| Trade date: | Oct. 7
|
| Settlement date: | Oct. 16
|
| Expected rating: | Moody's: Ba3
|
| Standard & Poor's: BB+
|
| Distribution: | Regulation S only
|
| Price talk: | 5 5/8% area
|
| Marketing: | Quick to market
|
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