Commentary & Deal Flow

Gatwick Airport Finance plc GBP400m Reg S holdco sr sec notes due 2026 (5y). NC2 (50%,25%,par). Ba3/(expect BB-)/BB- (negative/--/negative) (structurally subordinated to the sr borrower group). Via Barc (B&D)/NatWest/Santander jt glocos and books/CA/Lloyds/NAB jt passive books. List LSE. English law. IPT: 4.75%-5.00%.

Px talk: 4.50%-4.75%.

Telephonic roadshow 03/29-31 (investor call at 12:30pm UKT 03/29). Books close at 10am UKT tomorrow. Pricing tomorrow UK afternoon. Equity sponsors: VINCI (50.01%) and Global Infrastucture Partners (49.99%). UOP: GBP325m contribution into the Opco group for GCP, funding of Holdco DSRA. Biz: the UK's second largest Airport. HQ: Gatwick Airport, UK.