Last checked at 30 Aug 2022 15:27
Heathrow Finance plc
(incorporated with limited liability under the laws of England and Wales)
(formerly BAA (SH) plc)
announces interest rate step-upin respect of its Notes
30 August 2022. Heathrow Finance plc (the Issuer) announces today to all noteholders of the outstanding notes listed in the table below (the "Notes") that an Interest Step-Up Termination Trigger Date has occurred on the Waiver Period End Date on 1 July 2022.
Description of the Notes | ISIN | Outstandingprincipal amount | Trust Deed |
GBP300M 4.75% Senior Secured Notes due 2024 | XS1904681944 | £300,000,000 | 7 November 2018 (as supplemented 8 July 2020 and 10 August 2021)
|
GBP250M 5.75% Senior Secured Notes due 2025 | XS1120937617 | £250,000,000 | 16 October 2014 (as supplemented 28 February 2019, 8 July 2020 and 10 August 2021) |
GBP275M 3.875% Senior Secured Notes due 2027 | XS1622694617 | £275,000,000 | 8 June 2017 (as supplemented 28 February 2019, 8 July 2020 and 10 August 2021) |
GBP300M 4.125% Senior Secured Notes due 2029 | XS2081020872 | £300,000,000 | 19 November 2019 (as supplemented 8 July 2020 and 10 August 2021) |
Capitalised terms used but not defined herein shall have the meaning given to them in applicable the Trust Deed made between, amongst others, the Issuer and Deutsche Trustee Company Limited (each a Trust Deed), in each case, as supplemented or amended from time to time.
Pursuant to the terms of each Trust Deed, the Issuer hereby gives notice to the Noteholders pursuant to sub-paragraph (g) of Condition 6 (Interest) of Schedule 3 (Terms and Conditions of the Notes in Definitive Form) of each the Trust Deed that:
a) a Rating Event Termination Trigger Date constituting an Interest Step-Up Termination Trigger Date had occurred on 1 July 2022;
b) following the cessation of the Rating Event Interest Step-Up, the revised interest rate applicable to the relevant Class of Note shall be as follows; and
ISIN | Outstandingprincipal amount | Revised interest rate |
XS1904681944 | £300,000,000 | 4.750% |
XS1120937617 | £250,000,000 | 5.750% |
XS1622694617 | £275,000,000 | 3.875% |
XS2081020872 | £300,000,000 | 4.125% |
c) the first day of the Interest Period from which such revised rates shall accrue shall be 1 September 2022.
For further information, please contact
Timothy Allen, Head of Debt Investor Relations +44 (0)7568 604873