Assured Guaranty Wraps £140 million Fixed Rate Public Bond Issue for Heathrow Airport
17 Novembro 2023 - 3:30AM
Business Wire
Assured Guaranty UK Limited (AGUK)* announced that it has
guaranteed principal and interest payments on £140 million of
primary wrapped bonds issued by Heathrow Airport, the UK’s largest
airport.
The wrapped bonds are long dated and issued by Heathrow Funding
Limited, the airport’s issuer vehicle, via its multicurrency bond
programme. There are two fixed rate tranches of wrapped bonds, a
£70 million tranche due 2058 and a £70 million tranche due
2059.
The bonds have been placed in the UK institutional investor
market. As a result of the financial guarantee provided by AGUK,
the bonds are rated AA by S&P Global Ratings.
Suparna Dar, Managing Director, AGUK, commented:
"We are delighted to have worked alongside the Heathrow Airport
team supporting the airport’s long term funding requirements by
providing Assured Guaranty’s financial guarantee.
The closing of this transaction represents our first primary
market transaction in the UK Airports sector, where we have been
very active in the secondary market in recent years.
We guarantee a number of transactions for issuers in the
airports sector globally, and believe our wrap provides a
cost-effective solution to facilitate long-term financing for major
airport borrowers.”
AGUK guarantees timely payment of scheduled principal and
interest throughout the life of the bonds, in accordance with the
terms of its financial guarantee.
Assured Guaranty’s legal adviser on the transaction was Allen
& Overy LLP. Heathrow Airport was advised by Freshfields
Bruckhaus Deringer LLP.
IMPORTANT NOTICE
All of the securities have been sold, and this announcement
is for information purposes only. This announcement does not
constitute an offer to sell or the solicitation of an offer to buy
any securities.
The securities described herein have not been and will not be
registered under the United States Securities Act of 1933, as
amended ("Securities Act"), or with any securities regulatory
authority of any state or jurisdiction of the United States, and
may not be offered, sold or transferred, directly or indirectly, in
the United States absent registration under the Securities Act or
an available exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and the
securities laws of any state or other jurisdiction of the United
States.
* AGUK (company number 2510099) is authorised by the Prudential
Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority. AGUK provides
its financial guarantee together with a co-guarantee from its
affiliate Assured Guaranty Municipal Corp. (AGM). Both AGUK and AGM
are subsidiaries of Assured Guaranty Ltd. (AGL and, together with
its subsidiaries, Assured Guaranty). Through its subsidiaries,
Assured Guaranty provides credit enhancement products to the U.S.
and non-U.S. public finance (including infrastructure) and
structured finance markets. Assured Guaranty also participates in
the asset management business through its ownership interest in
Sound Point Capital Management, LP and related entities. AGL is a
publicly traded (NYSE: AGO) Bermuda-based holding company. More
information on AGL and its subsidiaries can be found at
AssuredGuaranty.com.
Cautionary Statement Regarding Forward-Looking
Statements:
Any forward-looking statements made in this press release
reflect Assured Guaranty’s current views with respect to future
events and are made pursuant to the safe harbour provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
involve risks and uncertainties that may cause actual results to
differ materially from those set forth in these statements. These
risks and uncertainties include, but are not limited to, those
resulting from difficulties with the execution of Assured
Guaranty’s business strategy; reduction in the amount of available
insurance opportunities and/or in the demand for Assured Guaranty’s
insurance; rating agency action, including a ratings downgrade, a
change in outlook, the placement of ratings on watch for downgrade,
or a change in rating criteria, at any time, of AGL or any of its
insurance subsidiaries, and/or of any securities AGL or any of its
subsidiaries have issued, and/or of transactions that AGL’s
insurance subsidiaries have insured; adverse developments in
Assured Guaranty’s guaranteed portfolio; and other risks and
uncertainties that have not been identified at this time,
management’s response to these factors, and other risk factors
identified in AGL’s filings with the U.S. Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
these forward-looking statements, which are made as of 17 November
2023. Assured Guaranty undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231116732040/en/
Investor Relations: Robert Tucker, +1 212-339-0861 Senior
Managing Director, Investor Relations and Corporate Communications
rtucker@agltd.com
Media: Ashweeta Durani, +1 212-408-6042 Vice President,
Corporate Communications adurani@agltd.com
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