National Air Traffic Services (NATS), the country's leading air traffic services provider, has successfully completed syndication of a £216.2m loan facility for its economically regulated subsidiary, NATS (En Route) plc.
The five year facility, which can be extended for a further two years, replaces the company's existing facility negotiated in 2003. The transaction, which was oversubscribed, was arranged by Barclays Capital and The Royal Bank of Scotland.
NATS has taken advantage of the current, buoyant market for investment grade deals to reduce the margin and fees payable on the facility, thereby reducing costs.
Nigel Fotherby, Finance Director, said: "I am delighted with the success of the transaction which reflects the company's strong performance in 2004/5 and the perception in the market that the outcome of our recent regulatory review, whilst challenging, creates a stable framework for NATS to meet its future investment requirements".
To see NATS' full response to the CAA please go to:
NATS' Response to the CAA's Initial Proposals on NATS Price Control Review 2006-2010
Appendix 4: The Cost of Capital for NATS at CP2: A Response to the CAA
1 March 2005
23 November 2005
