Heathrow  4.125% 01 Sep 2029

Business Description

Heathrow is Europe’s busiest airport, home to over 80 airlines handling 80m+ passengers each year. Further, Heathrow is London's primary airport, London is the world’s largest aviation market with over 150 million passengers travelling to and from the capital annually. As of Dec 2018 Heathrow was the seventh busiest airport in the world.

Heathrow Airport is privately owned by the Spanish infrastructure specialist Ferrovial (25%), the Qatari Investment Authority (20%), CDPQ Pension Fund ( 12.62%), Singapore's sovereign wealth fund (11.2%) and Alinda Capital Partners (11.18%) among others (as at 15.11.2019).

Bond Information

Coupon

4.125%

Maturity Date

01 Sep 2029

Next Interest Payment

01 Mar 2020

Interest Period

6 months

ISIN

XS2081020872

Asset Security

Pledge over parent shares

Amount

£300,000,000

Ratings

Moody's:  Ba3, Fitch:  BB+

Status

Payments on time

* Current Yield and Yield to Maturity are on estimated return calculations and not guaranteed. All yields shown are gross of Taxation and our Service Fee.

Company Information

Company Legal Name

Heathrow Finance Plc

Industry

Energy, Utilities & Infrastructure

Country of Origin

United Kingdom

Year of Incorporation

1946

Ownership Status

Private

Capital Structure

Senior Debt 57%

Junior Debt 8%

Equity 35%

Cash

-1.2%

Senior Notes (combined)

6.2%

Content Liabilities

12.0%

Net Debt

17.0%

Equity

83.0%

Enterprise Value

100.0%

EDITDA

£883,000,000

Cash interest

£226,400,000

* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary.

Cash used for net debt is adjusted for term deposits, repurchase agreements & is pro forma Nov 2019's £300m bond issuance.

Investors should note that the 4.125% bonds due 2029 are structurally subordinated to the claims of operating subsidiary creditors (E.g. Class A & B Debt).

§ Based on multiple paid by the USS pension fund in 2013.

Key Financials

Revenues

11,607

Growth %

38.1%

EDITDA

1,681

Margin %

14.5%

Cash balance

3,067

Source: Public Company information

Reports & Information

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

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