Commentary & Deal Flow

Price TALK: 6.75%a (+/- 12.5bps)

IPTs: high 6s-7%

• Issuer: Heathrow Finance plc
• Ticker: HTHROW
• Size: £350m
• Format: Reg S
• Security: Senior Secured Notes due 2030
• Expected Issue Ratings: B1 / BB+ (Moody's / Fitch)
• Maturity: 01-Sep-30 (4y)
• Optional Redemption: Non-Call Life, MWC, 3mo par call
• Change of Control: CoC at 101
• Denominations: 100k x 1k
• Listing: London Stock Exchange
• Law: English Law
• Joint Global Coordinators and Bookrunners: BNP Paribas (B&D), BofA, ING, JP Morgan
• Passive Bookrunners: Barclays, National Australia Bank
• Settles: 08-Jul-26
• Timing: Books close today at 12:30 UKT / 13:30 CET, pricing thereafter
• UoP: GCP
• Biz: Holding company of Heathrow Airport, the UK's largest airport
• Equity Ownership: Ardian 32.6%, Qatar Investment Authority 20.0%, PIF 15.0%, GIC 11.2%, Australian Retirement Trust 11.2%, CIC 10%
• Marketing:
• • Investor Call: Global Investor Call on 01-Jul-26 at 10:30 UKT. 1-on-1s on the same day.
• Netroadshow: https://www.netroadshow.com/events/login/LE9zwo4BQD2IZCNr56s5jbDRFi1PsY53PWR