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Gatwick Airport launches capped tender offer for five notes
Chicago, Dec. 6 – Gatwick Airport Ltd. announced a tender offer for five notes, separated into two parts, according to an announcement.
The first part of the tender offer is for up to £150 million principal amount of the £300 million outstanding 5¼% notes due Jan. 23, 2026 with a scheduled redemption date of Jan. 23, 2024 (ISIN: XS0733794407). Gatwick is offering 100.6 as a purchase price.
The other part of the offer is capped at £200 million aggregate purchase price, excluding interest, and relates to four notes.
The four notes in this part of the tender offer are the:
• £350 million outstanding 3 1/8% notes due Sept. 28, 2041 with a scheduled redemption date of Sept. 28, 2039 with pricing to be based on the 4¼% Gilt due Sept. 7, 2039 and a 200 basis points fixed spread;
• £300 million outstanding 2 5/8% notes due Oct. 7, 2048 with a scheduled redemption date of Oct. 7, 2046 with pricing to be based on the 7/8% Gilt due Jan. 31, 2046 and a fixed spread of 165 bps;
• £300 million outstanding 3¼% notes due Feb. 26, 2050 with a scheduled redemption date of Feb. 26, 2048 with pricing to be based on the 1½% Gilt due July 22, 2047 and a fixed spread of 180 bps; and
• £300 million outstanding 2 7/8% notes due July 5, 2051 with a scheduled redemption date of July 5, 2051 with pricing to be based on the 1¾% Gilt due Jan. 22, 2049 and a fixed spread of 175 bps.
The offers will expire at 11 a.m. ET on Dec. 13.
Pricing will take place at around 6 a.m. ET on Dec. 14.
Settlement is expected for Dec. 20.
Banco Santander SA (liabilitymanagement@santandercib.co.uk), Lloyds Bank Corporate Markets plc (+44 20 7158 1726/1719, LBCMLiabilityManagement@lloydsbanking.com) and NatWest Markets plc (+44 20 7678 5222, liabilitymanagement@natwestmarkets.com) are the dealer managers.
Kroll Issuer Services Ltd. is the tender and information agent (+44 20 7704 0880, gatwick@is.kroll.com, https://deals.is.kroll.com/gatwick).
The issuer is a Horley, Gatwick, U.K.-based airport.
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