Bond Factsheet
HTHROW 3.875% 01Mar2027 Corp (GBP)
Heathrow Finance PLC
Indicative
Full Lot
Bid Price 98.793
Change in Bid Price 0.008
Bid Yield (%) 6.366 %
Change in Bid Yield 0.017
Ask Price 99.529
Change in Ask Price 0.008
Ask Yield (%) 4.840 %
Change in Ask Yield 0.017
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Heathrow Finance PLC
Guarantor
-
Announcement Date
24 May 2017
Issue Date
08 Jun 2017
Maturity Date
01 Mar 2027
Years to Maturity / Next Call
0.405 / -
Modified Duration
0.393 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
3.875
Coupon Type
Fixed
Annual Coupon Rate
3.875
Coupon Frequency
Semi Annually
Seniority
First Lien
Reference Rate
-
ISIN
XS1622694617
CUSIP
AN7380107
Bond Currency
GBP
Total Issue Size
275,000,000
Min. Investment Quantity (Nominal)
GBP 100,000
Incremental Quantity (Nominal)
GBP 1,000
Bond Type
High Yield Corporate
Bond Sector
Industrials
Bond Sub Sector
Transportation Infrastructure
Issuer Credit Rating (S&P/ Fitch)
***/ N.R
Bond Credit Rating (S&P/ Fitch)
***/ BB+
Shariah Compliant
No
Exchange Listed
Others
Coupon Step
(ii) In respect of the Interest Period in which a Rating Event Trigger Date occurs, the rate of interest accruing on the Notes pursuant to Condition 6(a) above shall be deemed to be increased by 0.25 per cent. per annum (a Rating Event Interest Step-Up) (and interest shall accrue at the higher rate from the first day of such Interest Period) and continue thereafter in respect of each subsequent Interest Period up to and including the final day of the Interest Period in which a Rating Event Termination Trigger Date occurs.”
(iii). In respect of the Interest Period in which a Gearing Event Trigger Date occurs, the rate of interest accruing on the Notes pursuant to Condition 6(a) above shall be deemed to be increased by 0.25 per cent. per annum (a Gearing Event Interest Step-Up) (and interest shall accrue at the higher rate from the first day of such Interest Period) and continue thereafter in respect of each subsequent Interest Period up to and including the final day of the Interest Period in which a Gearing Event Termination Trigger Date occurs.
““Gearing Event Termination Trigger Date” means the earlier of either:
(i). the Waiver Period End Date; or
(ii). the date on which the Group RAR is not greater than 92.5 per cent. as reported in the quarterly, semi-annual or annual consolidated financial results of Heathrow (SP) Limited.”
““Gearing Event Trigger Date” means the date on which the Group RAR is greater than 92.5 per cent. as reported in the quarterly, semi-annual or annual consolidated financial results of Heathrow (SP) Limited.”
““Interest Step-Up Termination Trigger Date” means:
(i) the Waiver Period End Date; and/or
(ii) a Rating Event Termination Trigger Date; and/or
(iii) a Gearing Event Termination Trigger Date.
“Interest Step-Up Trigger Date” means:
(i) a Rating Event Trigger Date; and/or
(ii) a Gearing Event Trigger Date.
Please refer Supplementary Trust Deed for more information.
Make Whole Call
“Applicable Redemption Premium” means, with respect to a Note on any redemption date prior to 1 December 2026, the greater of:
(a) one per cent. of the principal amount of such Note on such redemption date; and
(b) the excess of:
(i) the present value at such redemption date of the redemption price of such Note at 1 December 2026, plus all required interest payments that would otherwise be due to be paid on such Note during the period between the redemption date and 1 December 2026, excluding accrued but unpaid interest, computed using a discount rate equal to the Gilt Rate at such redemption date plus 50 basis points, over
(ii) the principal amount of such Note on such redemption date.
Change Control Put
If a Change of Control occurs at any time, then the Issuer must make an offer (a “Change of Control Offer”) to each Noteholder to purchase such holder's Notes, at a purchase price (the “Change of Control Purchase Price”) in cash in an amount equal to 101 per cent. of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase described in paragraph (b) below (the “Change of Control Purchase Date”).
“Change of Control” means the occurrence of any of the following events:
(a) prior to the consummation of an initial Public Equity Offering, the consummation of any transaction (including a merger or consolidation) the result of which is that any person or any persons acting in concert, other than one or more Permitted Holders, are or as a result of such transaction become interested in more than 50 per cent. of the total voting power of the Voting Shares of the Issuer;
(b) on and after the consummation of an initial Public Equity Offering, any person or any persons acting in concert, other than one or more Permitted Holders, are or as a result of such transaction become interested in more than 35 per cent. of the total voting power of the Voting Shares of the Issuer and the Permitted Holders, individually or in the aggregate, are not interested in a larger percentage of the total voting power of such Voting Shares than such other person or persons acting in concert;
(c) the sale, transfer, conveyance or other disposition of all or substantially all the assets (other than Shares, debt or other securities of any Subsidiary that is not a Subsidiary Group Company) of the Issuer and the Subsidiary Group, on a consolidated basis, (i) if following such sale, transfer, conveyance or other disposition, the transferee entity is not listed on a stock exchange or automated quotation system and any persons or persons acting in concert, other than one or more Permitted Holders, are or as a result of such sale, transfer, conveyance or other disposition become interested in a larger percentage of the total voting power of the Voting Shares of the transferee entity than the Permitted Holders, individually or in the aggregate or (ii) if the transferee entity is and is expected to continue to be listed on a stock exchange or automated quotation system following such sale, transfer, conveyance or other disposition (A) any person or any persons acting in concert, other than one or more Permitted Holders, are or as a result of such transaction become interested in more than 35 per cent. of the total voting power of the Voting Shares of the transferee entity and (B) the Permitted Holders, individually or in the aggregate, are not interested in a larger percentage of the total voting power of such Voting Shares than such other person or persons acting in concert;
(d) the Parent or the Issuer is liquidated or dissolved or adopts a plan of liquidation or dissolution other than in a Permitted Transaction;
(e) the Parent or any Surviving Entity ceases to beneficially own, directly, 100 per cent. of the Voting Shares of the Issuer, other than director's qualifying shares and other shares required to be issued by law; or
(f) (i) the Issuer ceases to beneficially own, directly or indirectly, 100 per cent. of the Voting Shares of Heathrow Airport Limited or any Holding Company of Heathrow Airport Limited that is a direct or indirect Subsidiary of the Issuer, other than director's qualifying shares and other shares required to be issued by law, or (ii) the sale, transfer, conveyance or other disposition of all or substantially all the assets of Heathrow Airport Limited, other than in the case of (i) and (ii), to another Subsidiary Group Company or in a Permitted Transaction.
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