UK-based air traffic control services provider NATS has issued a £250 million 5.5250% senior unsecured bullet bond issuance due 2036.
The bonds were issued on November 12, 2025, at an issue price of 99.572% of their principal amount. Proceeds will be used for working capital and general corporate purposes.
The transaction is the company's third debt capital markets issuance in the last five years.
The bonds have been rated A+ by S&P and A2 by Moody's.
Bookrunners on the issuance were Barclays, BNP Paribas, and NatWest. Bank of China and CaixaBank acted as passive bookrunners.
Hogan Lovells advised NATS on the issuance, with a team led by partners Julian Craughan and Peter Watts. Additional supported by George Kiladze, Ioanna Varra, and Simeng Fan from the firm's debt capital markets team.
NATS is responsible for managing aircraft flying through UK airspace and the eastern North Atlantic.