UK’s Heathrow Airport Raises €400 Million Before International Travel Restarts

UK's Heathrow Airport Raises €400 Million Before International Travel Restarts. Image: Pixalate

UK’s Heathrow Airport raises €400 million before international travel restarts.

Britain’s Heathrow Airport has raised £350 million (approx €400 million) in bonds maturing in 2028, as it bolsters its pandemic-hit finances ahead of the reopening of international travel in May.

“We are extremely pleased to return to the public Class B market after nearly 10 years and the funds raised further strengthen our liquidity position,” said Sally Ding, Heathrow’s Director of Treasury and Corporate Finance.

The ban on non-essential international travel to and from England will stay until at least May 17, British Prime Minister Boris Johnson said last month, prolonging the pain for airlines, airports and holiday companies hit by the pandemic travel slump.

Heathrow’s head called on the government to use digital health apps to help restart international travel after the airport capped a disastrous year for aviation with a £2bn (approx €2.32bn) loss. With passenger numbers collapsing to levels not seen since the 1970s, the UK should lead the world in establishing common standards to revive mass travel, John Holland-Kaye, Heathrow chief executive, told the Financial Times.

Cumbersome paperwork should be replaced by digital certification to show passengers have been tested or vaccinated against coronavirus before they travel to speed up check-in times, he said. “We need to focus on standardising and automating all checks that are required. Rather than having a 20 minute check-in time, we can get back to having a few seconds.” The head of the UK’s busiest airport said it is “too soon to say” whether proof of vaccination might be needed for travel to some countries when millions of people begin flying again.

 


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Tony Winterburn

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