TIDM79IU
RNS Number : 6847J
Gatwick Funding Limited
14 December 2022
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS
(INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN
SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF
THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (the "United
States") OR TO ANY U.S. PERSON (AS DEFINED BELOW) OR IN OR INTO OR
TO ANY PERSON RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS
UNLAWFUL TO DISTRIBUTE THIS DOCUMENT.
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF
DOMESTIC LAW OF THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018.
14 December 2022
GATWICK AIRPORT LIMITED
INDICATIVE RESULTS OF TER OFFER
On 6 December 2022, Gatwick Airport Limited (the " Offeror ")
announced separate invitations to the holders of the outstanding
notes detailed below (each a " Series " and together the " Notes ")
issued by Gatwick Funding Limited (the " Issuer ") to tender a
portion of such Notes for purchase by the Offeror for cash (each
such invitation an " Offer " and, together, the " Offers "). The
Offers were made on the terms and subject to the conditions set out
in the Tender Offer Memorandum dated 6 December 2022 (the " Tender
Offer Memorandum "). Capitalised terms used and not otherwise
defined in this announcement have the meanings given to them in the
Tender Offer Memorandum. The Expiration Deadline for the Offers was
16:00 (London time) on 13 December 2022.
The Offeror announces today the non-binding indicative results
of the Offers which are set out in the table below:
Aggregate
Principal Indicative Expected 2024 Notes
Description Amount of Pro-ration Target Acceptance
of Notes ISIN Notes tendered Factor Amount
------------ ------------- ---------------- ------------ ----------------------
The 2024 XS0733794407 GBP198,942,000 75.250 GBP150,002,000 in
Notes per cent. aggregate principal
amount of 2024 Notes
(subject as set out
in the Tender Offer
Memorandum)
Aggregate
Principal Indicative Expected Fixed Spread
Description Amount of Pro-ration Notes Series Acceptance
of Notes ISIN Notes tendered Factor Amount
--------------- ------------- ---------------- --------------- --------------------------
The 2039 Notes XS1691441924 GBP145,118,000 Not Applicable GBP0 in aggregate
principal amount
of 2039 Notes (subject
as set out in the
Tender Offer Memorandum)
The 2046 Notes XS1502174581 GBP119,910,000 100.000 GBP119,910,000 in
per cent. aggregate principal
amount of 2046 Notes
(subject as set out
in the Tender Offer
Memorandum)
The 2048 Notes XS1781266793 GBP151,495,000 61.333 GBP93,468,000 in
per cent. aggregate principal
amount of 2048 Notes
(subject as set out
in the Tender Offer
Memorandum)
The 2049 Notes XS2022203801 GBP96,000,000 100.000 GBP96,000,000 in
per cent. aggregate principal
amount of 2049 Notes
(subject as set out
in the Tender Offer
Memorandum)
As of the Expiration Deadline, GBP512,523,000 in aggregate
principal amount of Fixed Spread Notes have been tendered and the
non-binding expected Fixed Spread Notes Offer Cap is equal to an
aggregate purchase price (excluding Accrued Interest) of
GBP200,000,000.
Noteholders should note that this announcement is a non-binding
indication of the level at which the Issuer expects to set the 2024
Notes Target Acceptance Amount, the Fixed Spread Notes Offer Cap
and each Fixed Spread Notes Series Acceptance Amount.
Pricing for the Offers will take place at or around 11:00
(London time) (the " Pricing Time ") today.
As soon as reasonably practicable after the Pricing Time, the
Offeror will announce the final results of the Offers, including
the final 2024 Notes Target Acceptance Amount, the final Fixed
Spread Notes Offer Cap, each Fixed Spread Notes Series Acceptance
Amount, the final aggregate principal amount of Notes of each
Series accepted for purchase pursuant to the Offers, the applicable
pro-ration factor, the principal amount of Notes of each Series
that will remain outstanding after the Settlement Date subject to
their respective terms, the details of the Fixed Spread Notes
Purchase Price, the Repurchase Yield and the Benchmark Reference
Security Yield for Fixed Spread Notes of each Series accepted for
purchase pursuant to the relevant Offer(s) and the Settlement
Date.
Further Information
Any questions or requests for assistance in connection with the
Offers may be directed to the Dealer Managers or the Tender and
Information Agent at the following telephone number or e-mail
address:
THE DEALER MANAGERS
Banco Santander, S.A. Lloyds Bank Corporate Markets
2 Triton Square plc
Regent's Place 10 Gresham Street
London NW1 3AN London EC2V 7AE
United Kingdom United Kingdom
Tel: +44 (0) 20 7158 1726 /
Email: liabilitymanagement@santandercib.co.uk 1719
Attention: Liability Management Email: LBCMLiabilityManagement@lloydsbanking.com
Attention: Liability Management
Team
NatWest Markets Plc
250 Bishopsgate
London EC2M 4AA
United Kingdom
Telephone: +44 (0) 20 7678 5222
Email: liabilitymanagement@natwestmarkets.com
Attention: Liability Management
THE TER AND INFORMATION AGENT
Kroll Issuer Services Limited
The Shard
32 London Bridge Street
London SE1 9SG
United Kingdom
Telephone: + 44 (0) 20 7704 0880
Attention: Arlind Bytyqi
Email: gatwick@is.kroll.com
Tender Offer Website: https://deals.is.kroll.com/gatwick
Market Abuse Regulation
This announcement is released by the Issuer and contains
information in relation to the Notes that qualified as inside
information for the purposes of the Market Abuse Regulation (EU)
596/2014 as it forms part of domestic law of the United Kingdom by
virtue of the European Union (Withdrawal) Act 2018 ("EUWA")
("MAR"), encompassing information relating to the Bonds. For the
purposes of MAR and Article 2 of Commission Implementing Regulation
(EU) 2016/1055 as it forms part of domestic law of the United
Kingdom by virtue of the EUWA, this Notice is made by Lucy
Chadwick, a Director of the Issuer.
Disclaimer
Noteholders must read this announcement in conjunction with the
Tender Offer Memorandum. If any Noteholder is in any doubt as to
the contents of this announcement and/or the Tender Offer
Memorandum or the effect of the Offers, it is recommended to seek
its own financial and legal advice, including in respect of any tax
consequences, immediately from its broker, bank manager, solicitor,
accountant or other independent financial, tax or legal
adviser.
The Dealer Managers are acting exclusively for the Offeror and
no one else in connection with the arrangements described in this
announcement and the Tender Offer Memorandum and none of the Dealer
Managers, the Information and Tender Agent, or any director,
officer, employee, agent or affiliate of any such person, will be
responsible to any Noteholder for providing any protections which
would be afforded to its clients or for providing advice in
relation to the Offers, and accordingly none of the Dealer
Managers, the Information and Tender Agent or any of their
respective directors, officers, employees or affiliates make any
representation or recommendation whatsoever regarding the
Offers.
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END
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