Regulated airport bonds
Class A/Senior bonds issued by BAA Funding Limited (1)
| ISIN number | Coupon | Coupon payment date | Scheduled redemption date (2) (3) |
Notional/nominal value (4) (5) (6) (7) |
|
|---|---|---|---|---|---|
|
Local currency |
Sterling |
||||
| XS0383001483 | 5.850% | 27 Nov | 27 Nov 2013 | £396.4m | £396.4m |
| XS0383001640 | 4.600% | 30 Sep | 30 Sep 2014 | €749.9m | £512.9m |
| XS0383000329 | 12.450% | 31 Mar/30 Sep | 31 Mar 2016 | £299.9m | £299.9m |
| XS0548105559 | 4.125% | 12 Oct | 12 Oct 2016 | €500.0m | £433.8m |
| XS0736300293 | 4.375% | 25 Jan | 25 Jan 2017 | €700.0m | £583.8m |
| CH0147029299 | 2.5% | 8 Feb | 8 Feb 2017 | CHF400.0m | £272.3m |
| XS0383001996 | 4.600% | 15 Feb | 15 Feb 2018 | €750.0m | £510.2m |
| XS0383000675 | 9.200% | 29 Mar/29 Sep | 29 Mar 2021 | £249.8m | £249.8m |
| XS0643616435 US05607MAA53 |
4.875% | 15 Jan / 15 Jul | 15 July 2021 | US$1,000.0m | £621.3m |
| XS0774767924(8) | 1.65% | 25 Apr | 25 Apr 2022 | £180.0m | £180.0m |
| XS0383002291 | 5.225% | 15 Feb | 15 Feb 2023 | £749.6m | £749.6m |
| XS0471436088 | 6.750% | 3 Dec | 3 Dec 2026 | £700.0m | £700.0m |
| XS0383000832 | 7.075% | 4 Feb/4 Aug | 4 Aug 2028 | £199.9m | £199.9m |
| XS0383001053 | 6.450% | 10 Jun/10 Dec | 10 Dec 2031 | £900.0m | £900.0m |
| XS0736965855(9) | 0% | n/a | 26 Jan 2032 | €50.0m | £41.6m |
| XS0758021967(10) | 0% | n/a | 2 Apr 2032 | €50.0m | £41.9m |
| XS0471438456(11) | 3.334% | 9 Jun/9 Dec | 9 Dec 2039 | £512.1m | £512.1m |
| XS0625276257 | 5.875% | 13 May | 13 May 2041 | £750.0m | £750.0m |
| Sub-total | £7,955.6m | ||||
Class B/Junior bonds issued by BAA Funding Limited (3)
| ISIN number | Coupon | Coupon payment date | Scheduled redemption date | Notional/nominal value | |
|---|---|---|---|---|---|
| Local currency | Sterling | ||||
| XS0539845684 | 6.250% | 10 Sep | 10 Sep 2018 | £400.0m | £400.0m |
| XS0759599409 | 6.000% | 20 Mar | 20 Mar 2020 | £400.0m | £400.0m |
| XS0746068732 | 7.125% | 14 Feb | 14 Feb 2024 | £600.0m | £600.0m |
| Sub-total | £1,400.0m | ||||
| TOTAL BONDS ISSUED BY BAA FUNDING LIMITED | £9,355.6m | ||||
Bonds issued by BAA (SH) plc
| ISIN number | Coupon | Coupon payment date | Scheduled redemption date | Notional/nominal value | |
|---|---|---|---|---|---|
| Local currency | Sterling | ||||
| XS0555678597 | 7.125% | 1 March/1 September | 1 March 2017 | £325.0m | £325.0m |
Notes
- The bonds are issued by BAA Funding Limited but certain of the bonds were originally issued by the previous BAA plc and migrated to BAA Funding Limited as part of BAA's refinancing completed on 18 August 2008.
- The Class A bonds with scheduled redemption dates up to and including 15 February 2018 (other than such bonds issued since 18 August 2008, being the bonds with scheduled redemption dates of 12 October 2016, 25 January 2017 and 8 February 2017) benefit from a guarantee from BAA Airports Limited.
- If Class A bonds are not redeemed on the Scheduled Redemption Date, they remain outstanding until their legal maturity date which is 2 years later than the Scheduled Redemption Date. During this two year period, the coupon paid would be based on a floating rate plus 4% per annum. For Class B bonds the legal maturity date is the same as the Scheduled Redemption Date. The legal maturity date of the Class A Bonds is 2 years after the Scheduled Redemption Date to cater solely for the possibility that Heathrow Airport Limited might default on repayment of its inter-company loan from BAA Funding due to be repaid by the relevant Scheduled Redemption Date to provide BAA Funding Limited with the funds to repay the related bond. As such, BAA does not have the right to extend the Scheduled Redemption Date.
- The nominal value outstanding of certain of the bonds issued before August 2008 is lower than the original issue size due to certain bondholders either voting against the refinancing proposals or being ineligible to participate in the refinancing completed in August 2008.
- The Euro-denominated issues with scheduled redemption dates of 30 September 2014, 12 October 2016, 25 January 2017, 15 February 2018, 26 January 2032 and 2 April 2032 were converted into sterling at a rate of 0.684, 0.8675, 0.834, 0.68027, 0.832 and 0.8389 respectively.
- The US dollar-denominated issue with the scheduled redemption date of 15 July 2021 was converted into sterling at a rate of 0.6213.
- The CHF-denominated issue with the scheduled redemption date of 8 February 2017 was converted into sterling at a rate of 0.68075.
- This is an indexed-link bond where, in addition to the coupon payable of 1.65%, the change in the retail prices index from the time of issue will be added to the notional/nominal value of the bond. The notional value of this bond is quoted at £180.0m which is also its original issue value as it was only issued in April 2012.
- This is a zero coupon bond where a yield of 4.25% per annum from the time of issue will be accrued on the notional/nominal value of the bond.
- This is a zero coupon bond where a yield of 4.12% per annum from the time of issue will be accrued on the notional/nominal value of the bond.
- This is an indexed-link bond where, in addition to the coupon payable of 3.334%, the change in the retail prices index from the time of issue will be added to the notional/nominal value of the bond. As at 31 March 2012, the notional value of this bond was £512.1m which includes accretion of £52.1m on its effective original issue value of £460.0m.
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