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The Group has a broad range of debt financing that it has sourced from diversified sources such as the debt capital markets, the international banking markets and supranational institutions such as the European Investment Bank.

The majority of the Group's debt financing falls into the following categories:

  • Bonds issued in the debt capital markets from institutional investors and loan facilities raised from leading international financial institutions to finance Heathrow Airport.
  • Subordinated bond issues and loan facilities held at Heathrow Finance plc.
Debt in the Group's structure

1. Heathrow = Heathrow Airport Limited
2. Heathrow express = Heathrow Express Operating Company Limited

Debt maturity profile

The Debt maturity profile illustrates the amount and year of maturity of all individual tranches of debt at Heathrow Finance plc and its subsidiaries (the Heathrow Group).


Financial ratios

The Financial ratios provide historic and published forecast financial ratios relating to the debt financing of the Heathrow Group's airports and compares them with trigger and covenant levels applying under the terms of the relevant financing agreements.

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