5 Feb 2019 16:17
5 February 2019
Heathrow Funding Limited
Commencement of the Decision Period
Background
On 28 January 2019, Heathrow Funding Limited (the Issuer) announced that it was launching a consent solicitation process (the Consent Solicitation) in respect of the Class A bonds described in the table in the launch announcement (the Class A Bonds).
The Consent Solicitation was launched because LHR Airports Limited (the Security Group Agent) delivered a STID Proposal to Deutsche Trustee Company Limited (the Borrower Security Trustee) requesting the Borrower Security Trustee to seek voting instructions in respect of the amendments contained therein from the Qualifying Borrower Secured Creditors through their Secured Creditor Representatives (the STID Proposal). The Issuer is a Qualifying Borrower Secured Creditor and has appointed Deutsche Trustee Company Limited (the Bond Trustee) as its Secured Creditor Representative in respect of the Class A Bondholders in relation to any vote on an Extraordinary Voting Matter requested pursuant to a STID Proposal. The Consent Solicitation is therefore providing the means for the Bond Trustee to obtain voting instructions from Class A Bondholders in respect of the amendments proposed in the STID Proposal.
Commencement of the Decision Period
The Issuer hereby announces that, because no Determination Dissenting Notices or Entrenched Right Dissenting Notices have been served during the five Business Days which have elapsed since the delivery of the STID Proposal to the Borrower Security Trustee, the Decision Period commences today, 5 February 2019.
In accordance with the terms of the consent solicitation memorandum dated 28 January 2019 (the Consent Solicitation Memorandum), any votes that have been cast by Class A Bondholders prior to the today will be accepted now that the Decision Period has commenced.
The full timetable for this Consent Solicitation is set out in the Consent Solicitation Memorandum. Assuming the Consent Solicitation continues to proceed as the Issuer expects, the key dates for the Consent Solicitation are:
Delivery of STID Proposal to Borrower Security Trustee and launch of Consent Solicitation | 28 January 2019 |
Commencement of Decision Period | 5 February 2019 |
Consent Fee Deadline | 4.00 p.m. (London time) on 20 February 2019 |
Expiration Deadline | 4.00 p.m. (London time) on 27 February 2019 |
Decision Period Expiry Date | 4.00 p.m. (London time) on 28 February 2019 |
Results announcement | As soon as reasonably practicable after the Expiration Deadline |
Payment of the Consent Fee | Expected to be 8 March 2019 and in any event, no later than 5 Business Days following the date of execution of the Deed of Amendment
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Capitalised terms used and not otherwise defined in this announcement have the meaning given to them in the Consent Solicitation Memorandum.
For investor enquiries please contact James Hoskins on +44 (0)7525 597567.
Heathrow6.45% S (88BX)