Gatwick - £600 million bond issue

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Slaughter and May advised Gatwick Airport Limited (GAL) and Gatwick Funding Limited (GFL) on the update of, and second issuance of bonds under, GFL's multicurrency secured bond programme for the issue of up to £5 billion bonds.

GFL issued two series of bonds for an aggregate amount of £600 million on 20 January 2012. The bonds are secured over all or substantially all of the assets of GAL and its immediate holding company, Ivy Holdco Limited. GAL intends to use part of the proceeds in prepayment of its existing term facility.

Mourant Ozannes advised on Jersey law.

Financing: Marc Hutchinson (partner), Simon Hall (partner), Richard Fletcher (associate), Stephen Fishbourne (associate); Corporate and Commercial: Mark Horton (partner), Sarah Ullathorne (associate), Hon Weng Wong (associate), Amy Hutchings (associate); Competition: Christopher Wright (special adviser), Patrick Horan (associate); Tax: William Watson (partner), Gareth Miles (partner), Richard Jeens (associate)