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Gatwick Airport launches upsized £450 million five-year notes to yield 4 3/8%; pricing Wednesday
By Paul A. Harris
Portland, Ore., March 31 – Gatwick Airport launched an upsized £450 million offering of five-year holdco senior notes (Ba3//BB-) at 4 3/8%, according to a market source.
The deal, upsized from £400 million, was in the market with price talk of 4½% to 4¾%, tight to early guidance of 4¾% to 5%.
Order books cover the size of the offering more than three times, the source said.
Pricing is expected on Wednesday.
Lead left bookrunner and joint global coordinator Barclays will bill and deliver. NatWest and Santander are also joint global coordinators. Credit Agricole CIB, Lloyds and National Australia Bank are passive bookrunners.
The notes become callable after two years at par plus 50% of the coupon.
The issuing entity will be Gatwick Airport Finance plc.
The Horley, Gatwick, U.K.-based airport plans to use the proceeds to make a contribution into the opco group for general corporate purposes, and to fund the holdco debt service reserve account. The additional proceeds resulting from the £50 million upsizing of the deal will be used for incremental group liquidity, primarily to be downstreamed to Gatwick opco.
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