Commentary & Deal Flow

Heathrow Finance plc (HTHROW) GBP400m (up from GBP350m) Reg S only sr sec notes due 03/01/31 (7y). NCL (MWC G+50bp). (3m par call). B1/NR//BB+ (stable/--/stable). Via Barc (B&D)/BofA/ICBC/JPM/MS jt physical books and jt glocos/CA/GS/SocGen jt passive books. List LSE. English law. Pays March 01 and Sept 01, starting 09/01/24. Settles 03/19 (T+5). ISIN: XS2782148261. IPT: 7% area. Px talk: 6.75%-7.00%. Revised px talk: 6.625%-6.75%.

Priced: 6.625% at 100. +262bp vs UKT 0.25% 07/31/31.

Virtual roadshow yesterday (JPM logistics) (investor call at 10:15am UKT yesterday). Books closed at 10am UKT today. Book size over GBP1bn at price talk. UOP: GCP. Privately owned by: Ferrovial S.A., Qatar Holding LLC, Caisse de dépôt et placement du Québec, the Government of Singapore Investment Corporation, Australian Retirement Trust, China Investment Corporation and Universities Superannuation Scheme. Biz: holding company of Heathrow airport, Europe's busiest airport and fourth busiest airport globally. HQ: Hounslow, UK.