Commentary & Deal Flow

Gatwick Airport Finance plc (GTWICK) GBP450 (up from GBP400m) Reg S holdco sr sec notes due 04/07/26 (5y). NC2, then at 102.188, 101.094, 100. 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. Interest pays 04/07 and 10/07, starting 10/07/21. List LSE. English law. Settles 04/07. Reg S ISIN: XS232960213. IPT: 4.75%-5.00%. Price talk: 4.50%-4.75%. Final size/price: GBP450m at 4.375%.

Priced: 4.375% at 100. +399.5bp vs UKT 0.125% 01/31/26.

Books were in excess of 3x covered at launch. Telephonic roadshow 03/29-31 (investor call at 12:30pm UKT 03/29). Books closed at 10am UKT 03/31. Reconfirmed orders were due by 10:45am UKT today. Equity sponsors: VINCI (50.01%) and Global Infrastucture Partners (49.99%). UOP: GBP325m contribution into the Opco group for GCP, funding of Holdco DSRA (GBP50 upsize for incremental group liquidity, primarily to be downstreamed to Gatwick Opco). Biz: the UK's second largest Airport. HQ: Gatwick Airport, UK.