In June 2021, NERL, NATS regulated business, completed a full refinancing of its debt structure. It secured £1.6bn of funding by issuing £750m of unsecured bonds and agreeing £850m of new unsecured bank facilities. This enabled the redemption of more expensive secured bonds, in place since 2003, and repayment of existing bank borrowings, including a £380m facility agreed in August 2020 which provided additional liquidity in response to Covid-19. The refinancing ensures NATS is well placed for a range of recovery outcomes.
BDO provided advice to NATS (En Route) Plc.