Heathrow places EUR600 million Euro bond

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13 May 2014

Heathrow places €600 million Euro bond

Heathrow announces that it has successfully placed a €600 million Euro-denominated Class A bond with a 2022 maturity and a fixed annual coupon of 1.875%.

There was significant support for the transaction, with an order book in excess of €4 billion from more than 300 institutions. Over €3 billion of demand was from outside the UK, most notably in France, Germany, Denmark, the Netherlands and Switzerland.

Heathrow expects the proceeds of the bond to go towards repaying an existing €750 million bond on its maturity in September 2014. Heathrow last issued a Euro-denominated bond in January 2012.

Andrew Efiong, Heathrow's director of treasury, said: "We are delighted with the breadth and depth of participation in this transaction. Heathrow is by far the largest, wholly privately-funded airport in the world and we have developed strong links with investors globally through our multi-currency financing platform.

The Euro market is strategically important for us, as the currency in which Heathrow has issued the largest amount of bonds after Sterling. This transaction has enabled us to significantly extend the duration of our Euro-denominated bonds. We are pleased with the confidence investors have once more demonstrated in Heathrow today, in particular from institutions across continental Europe."

The strength of Heathrow's multi-currency debt financing platform continues to support the £11 billion transformational investment that has been made, the latest phase of which is the £2.5 billion development of Terminal 2: The Queen's Terminal, which is on target to start operations in three weeks, on 4 June 2014.

For investor enquiries please contact Anne Hurn, Investor Relations on +44 20 8745 9947

This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in the United States or in any jurisdiction in which such offer or solicitation is unlawful. The securities referred to herein may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended (the "Securities Act") except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act. There will be no public offer of the securities in the United States.