NATS, the UK-based air traffic management and solutions company, is issuing £750 million of new senior unsecured bonds to refinance its £600 million 5.25% guaranteed secured amortising bonds, which mature in 2026, as well as other secured facilities from commercial banks. The new fixed-rate senior unsecured bonds, which do not include any financial covenants, have been rated A2 by Moody’s. Part of the proceeds from the new bonds will be used to pre-pay the £252 million of principal that remains outstanding on the existing bonds at 31 March 2021. In addition to the notes, NATS has also entered into a

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