25 Nov 2020 11:07
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
25 November 2020. Heathrow Finance plc (the Issuer) announces to all noteholders of the outstanding notes listed in the table below (the "Notes") that an Interest Step-Up Trigger Date occurred on 11 November 2020.
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) |
GBP250M 5.75% Senior Secured Notes due 2025 | XS1120937617 | £250,000,000 | 16 October 2014 (as supplemented 28 February 2019 and 8 July 2020) |
GBP275M 3.875% Senior Secured Notes due 2027 | XS1622694617 | £275,000,000 | 8 June 2017 (as supplemented 28 February 2019 and 8 July 2020) |
GBP300M 4.125% Senior Secured Notes due 2029 | XS2081020872 | £300,000,000 | 19 November 2019 (as supplemented 8 July 2020) |
Capitalised terms used but not defined herein shall have the meaning given to them in the applicable 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 (f) of Condition 6 (Interest) of Schedule 3 (Terms and Conditions of the Notes in Definitive Form) of each Trust Deed that:
a) a Rating Event Trigger Date constituting an Interest Step-Up Trigger Date occurred on 11 November 2020, when the Notes were downgraded below Ba3 by Moody's to B1;
b) taking into account the Rating Event Interest Step-Up of 0.25%, the revised interest rate applicable to the relevant Class of Notes shall be as follows; and
ISIN | Outstandingprincipal amount | Revised interest rate |
XS1904681944 | £300,000,000 | 5.25% |
XS1120937617 | £250,000,000 | 6.25% |
XS1622694617 | £275,000,000 | 4.375% |
XS2081020872 | £300,000,000 | 4.625% |
c) the first day of the Interest Period from which such revised rates shall accrue shall be 1 September 2020.
The Rating Event Interest Step-Up detailed above is in addition to the Waiver Period Interest Step-Up of 0.25% which came into effect on 8 July 2020. For further information, please contact:
Heathrow
Christelle Lubin, Head of Debt Investor Relations & Corporate Finance
+44 (0)7764 805761
Heathrow6.45% S (88BX)