What they wanted from the deal

Achieved

Comments

To avoid NATS going into administration, with the attendant uncertainties and risks to their loans

Yes

To ensure the terms of their loans remained such that they could still syndicate them to other banks in the future, reducing their exposure

Yes

As part of this, ensuring NATS gets a "strong" investment rating

To avoid having to convert any of their debt to an equity stake in NATS

Yes

What the other parties wanted them to contribute to the deal [Which parties]

Conceded

Comments

To continue a £30m interim loan facility pending agreement [ALL]

Yes

As HMG [Neither facility was actually used]

Agreement that interest payments on the new investment in NATS' regulated business from HMG and BAA plc would have equal status with bank debt [HMG and BAA]

Largely

Interest payable to HMG and BAA plc

To reinstate NATS' access to the capital investment facilities put in place in the PPP [ALL]

Yes

But a much smaller facility than before, at NATS' request

To relax the terms of their loans so that the banks cannot bar NATS' access to facilities as easily as before [ALL]

Yes

Future operation of forward cover ratios

To contribute to new cash buffers that NATS can access without bank restrictions [ALL other parties, but particularly NATS and CAA]

In part

New buffers are established. Banks provided a new Standby facility

To reduce their interest rate margins and arrangement fees, expenses and other costs [ALL]

No

They largely maintained their fees and margins, in return for their agreement to the buffers. The deal worked without concessions on this