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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 issuer."

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.