Heathrow Finance to price long five-year bearer notes on Wednesday; price talk 4 7/8% area

By Abigail W. Adams

Portland, Me., Oct. 31 – Heathrow Finance plc plans to price a benchmark offering of sterling-denominated senior secured bearer bonds due March 1, 2024 in a Wednesday drive-by with initial price talk in the 4 7/8% area (expected Ba3//BB+), according to a market source.

BNP Paribas will bill and deliver for the Regulation S deal. Credit Suisse, ICBC and ING are also active bookrunners.

The notes are non-callable for life.

Proceeds will be used for the partial repayment of existing debt and for general corporate purposes.

Heathrow Finance is the Hounslow, England, owner and operator of the Heathrow airport and the Heathrow Express.

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