Jersey Firm Helps Gatwick Refinancing
Monday, March 28, 2011
Mourant Ozannes has noted its part as Jersey legal counsel to Gatwick Funding
Limited in the recent GBP600m bond issue made in connection with the GBP1.2bn
refinancing of Gatwick Airport.
Gatwick Funding Limited, a Jersey-incorporated company, is the finance subsidiary
of Gatwick Airport Limited, the owner and operator of Gatwick Airport, the world's
busiest single runway airport and the UK's second busiest airport by total passenger
traffic after Heathrow Airport.
Partner Jonathan Walker and senior associate Warren Simmons advised Gatwick
Funding Limited on its successful debut issuance of GBP600m in principal
amount of bonds under its recently established GBP5bn multi-currency programme
for debt issuance.
Walker said: "Having been involved in the BAA (British Airports Authority) financings, we
were delighted to be instructed on this refinancing of Gatwick Airport and to
work with Slaughter and May, Allen & Overy, the financiers and the investors.
It is an exciting structure which forms part of the trend of using a common
platform for the issue of bank- and bond-debt with a Jersey company as the bond
Simmons added: "In addition to being a very important project
for Gatwick Airport and its financiers and owners, it is also particularly pleasing
for us to be involved because of the special importance of Gatwick Airport to
Jersey. Both terminals at Gatwick Airport are used every day by people travelling
to and from Jersey and we can see the results of this investment and refinancing
as we pass through them."
The arranger of the transaction was The Royal Bank of Scotland plc and the
dealer/joint lead manager group included Crédit Agricole Corporate and
Investment Bank, HSBC Bank plc and J.P. Morgan Securities Ltd. with Société
Générale as co-manager. The largest shareholder in Gatwick Airport
is Global Infrastructure Partners.