Gatwick Airport announces results from seven-day tender offer

Chicago, Dec. 14 – Gatwick Airport Ltd. announced the results of its tender offer for five notes, separated into two parts, according to an announcement.

The first part of the tender offer was 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.

Noteholders tendered £198,942,000 of the notes. The issuer is maintaining the cap and is applying a proration factor of 75.25% to the tendered notes and will accept £150,002,000 of the notes for purchase.

There will be £149,998,000 of the notes outstanding after settlement.

The other part of the offer is capped at £200 million aggregate purchase price, excluding interest, and relates to four notes.

Noteholders tendered the following amounts of notes with the amount Gatwick Airport will be accepting and the purchase price details:

• £145,118,000 tendered and none accepted of the £350 million outstanding 3 1/8% notes due Sept. 28, 2041 (ISIN: XS1691441924) 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 with pricing not given;

• £119.91 million tendered and all accepted of the £300 million outstanding 2 5/8% notes due Oct. 7, 2048 (ISIN: XS1502174581) 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 for a purchase price of 61.987;

• £151,495,000 tendered and £96,677,000 accepted of the £300 million outstanding 3¼% notes due Feb. 26, 2050 (ISIN: XS1781266793) 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 for a purchase price of 67.695; and

• £96 million tendered and all accepted of the £300 million outstanding 2 7/8% notes due July 5, 2051 (ISIN: XS2022203801) 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 for a purchase price of 62.735.

The aggregate purchase price for the three notes accepted is £199,999,706.85, excluding interest.

This will leave the following amount outstanding: £350 million of the 2039 notes, £180.09 million of the 2046 notes, £203,323,000 of the 2048 notes and £240 million of the 2049 notes.

The offers expired 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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