Heathrow Funding, a corporate securitization that issues bonds raising proceeds for London’s Heathrow Airport and related rail link services, is issuing £400 million (US$520 million) in new notes for the airport to repay upcoming debt maturities.

Standard & Poor’s has affixed an ‘A-’ to the sterling-denominated Class A-37 notes, which will have a maturity date of 2049. The proceeds will provide funds for the airport’s repayment of existing Class A-12 notes set to mature in October 2016, although S&P noted the funds may be used for general corporate purposes.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.