Heathrow completes 2.15bn refinancing
Mon, 3rd November 2014

Heathrow completes £2.15bn refinancing

Heathrow has completed a £2.15bn refinancing of its core revolving credit and liquidity facilities.

The new facilities will provide strong support over the next few years for Heathrow's investment programme and "extensive capital markets issuance activities".

They were significantly oversubscribed with approximately £3.5bn of commitments from 22 existing and new relationship banks from across the world.

The total amount of the new facilities is £2.15bn. They include a £1.4bn revolving credit facility and £750 in standby liquidity facilities.

The new revolving credit facilities have a five-year term, maturing in October 2019, and replace similar facilities that were due to mature in June 2017.

The Class A and B tranches of the revolving credit facility carry margins of 60 basis points and 100 basis points.

Director of treasury Andrew Efiong said: "These new facilities are a key further step in building the financial resilience of the world's largest wholly privately financed airport.

"We are delighted at the strong support we continue to receive from the global financial community. We have put together a new bank group that includes a carefully selected blend of the leading banks from the UK, continental Europe, the US, Canada, Asia and Australia."

category South East  |  source Insider Media