Hogan Lovells advises NATS (En Route) Plc on its £250 million senior unsecured bullet bond issuance

The Bonds were issued by NATS (En Route) Plc (the “Issuer”) on 12 November 2025 at an issue price of 99.572% of their principal amount, and the proceeds will be used by the Issuer for working capital and general corporate purposes. The Bonds were admitted to trading on the London Stock Exchange plc’s Main Market and admitted to the official list of the Financial Conduct Authority on 13 November 2025. This transaction represents the Issuer’s third debt capital markets issuance in the last five years, adding to its established track record of unsecured amortising and bullet bonds.

The Issuer is the UK’s leading provider of air traffic control services responsible for managing aircraft flying en-route through UK airspace and the eastern North Atlantic. Its mission is to advance aviation while ensuring the highest standards of safety in the skies.

The Hogan Lovells team advising NATS (En Route) Plc was led by partners Julian Craughan and Peter Watts, with support from George Kiladze, Ioanna Varra, and Simeng Fan from the debt capital markets team. Hogan Lovells has advised the Issuer for over 25 years first on its creation and financing as a public private partnership and subsequently on multiple financing transactions including its senior unsecured bond issuances in 2021 and 2023.