By Abigail W. Adams
Portland, Me., Oct. 31 – Heathrow Finance plc sold £300 million long five-year senior secured bearer bonds at par with a coupon of 4¾% (Ba3//BB+) in a Wednesday drive-by, according to a market source.
Initial price talk was for a benchmark size deal with a yield in the 4 7/8% area.
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.
| Issuer: | Heathrow Finance plc
|
| Amount: | £300 million
|
| Maturity: | March 1, 2024
|
| Securities: | Senior secured bearer notes
|
| Bookrunners: | BNP Paribas (bill and deliver), Credit Suisse, ICBC and ING
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 365.6 bps over Gilts
|
| Call: | Non-callable
|
| Trade date: | Oct. 31
|
| Settlement date: | Nov. 7
|
| Issuer ratings: | Moody's: Ba3
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 4 7/8% area
|
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