Last checked at 3 Nov 2014 07:00
Heathrow Airport Limited
The Compass Centre, Nelson Road
Hounslow, Middlesex TW6 2GW
T: +44 (0)20 8745 7224
E: investors@heathrow.com
W: heathrow.com
News Release
3 November 2014
Heathrow completes £2.15 billion refinancing of core revolving credit and liquidity facilities
Heathrow is pleased to announce completion of the refinancing of its core revolving credit and liquidity facilities. These new facilities will provide strong support over the next few years for Heathrow's investment programme and extensive capital markets issuance activities.
The facilities were significantly oversubscribed with approximately £3.5 billion of commitments from 22 existing and new relationship banks from across the world, reflecting global credit markets' confidence in the strength of Heathrow's business profile.
The aggregate amount of the new facilities is £2.15 billion: they comprise a £1.4 billion revolving credit facility (split £1.1 billion Class A general purposes facility and £300 million Class B general purposes facility); and £750 million in standby liquidity facilities. The new revolving credit facilities have a 5 year term, maturing in October 2019, and replace similar facilities that were due to mature in June 2017.
The Class A and B tranches of the revolving credit facility carry margins of 60 basis points and 100 basis points.
Andrew Efiong, Heathrow's Director of Treasury, said: "These new facilities are a key further step in building the financial resilience of the world's largest wholly privately financed airport. We are delighted at the strong support we continue to receive from the global financial community. We have put together a new bank group that includes a carefully selected blend of the leading banks from the UK, continental Europe, the US, Canada, Asia and Australia."
For further information please contact Anne Hurn, Head of Debt Investor Relations on +44 20 8745 9947.
Notes
J.P. Morgan and Lloyds co-ordinated the implementation of the facilities as joint arrangers with Barclays, Bank of America Merrill Lynch, BNP Paribas, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia, Crédit Agricole, Crédit Industriel et Commercial, Credit Suisse, Deutsche Bank, HSBC, Industrial and Commercial Bank of China, Morgan Stanley, National Australia Bank, Royal Bank of Canada, The Royal Bank of Scotland, Santander, Scotiabank, Société Générale, The Toronto-Dominion Bank and UBS.