By Paul A. Harris
Portland, Ore., Nov. 12 – Heathrow Finance plc priced an upsized £300 million issue of senior secured bullet notes due Sept. 1, 2029 (Ba3//BB+) at par to yield 4 1/8% on Tuesday, according to a market source.
The yield printed at the tight end of yield talk in the 4¼% area and tighter than the 4½% to 4¾% initial price talk.
Joint global coordinator Barclays will bill and deliver.
Proceeds will be used for general corporate purposes.
The issuer is the Hounslow, England, owner and operator of the Heathrow airport and the Heathrow Express.
| Issuer: | Heathrow Finance plc
|
| Amount: | £300 million, increased from £250 million
|
| Maturity: | Sept. 1, 2029
|
| Securities: | Senior secured notes
|
| Joint global coordinators: | Barclays (bill and deliver) BNP Paribas and ING
|
| Active bookrunners: | Barclays, BNP and ING
|
| Passive bookrunners: | Banca IMI, BofA Securities, ICBC and National Australia Bank
|
| Coupon: | 4 1/8%
|
| Price: | Par
|
| Yield: | 4 1/8%
|
| Spread: | 331 bps
|
| Call protection: | Non-callable
|
| Trade date: | Nov. 12
|
| Settlement date: | Nov. 19
|
| Ratings: | Moody's: Ba3
|
| Fitch: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 4¼% area
|
| Marketing: | Quick to market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
