MAG seals £280m refinancing
MANCHESTER Airports Group has completed a £280m five-year refinancing.
MAG, which owns Manchester, East Midlands, Bournemouth and Humberside Airports, has agreed terms with seven major lenders ahead of July – when its present facility was due to expire.
Existing bankers Barclays, the Co-operative Bank, Handelsbanken and RBS have been joined by Yorkshire Bank, Santander and HSBC.
Owned by the 10 Greater Manchester local authorities, MAG recently appointed Charlie Cornish from United Utilities as its new chief executive. Last year it served more than 28 million people.
The new facility refinances existing funding and will support the future investment and growth of MAG. Major capital projects under way at Manchester, its biggest site, include a £20m re-surfacing of Runway 1 and an upgrade of Terminal 3.
Finance Director, Ken Duncan, said: “We are pleased to have put in place a competitive funding structure with a strong group of relationship banks.
“This deal secures funds to support the development of our group of airports, demonstrating real confidence in our business and our strategy.”
John Powell, from Barclays Corporate in Manchester said: “Manchester Airport Group is a key relationship for both Barclays Corporate and Barclays Capital.
“Our participation in this deal confirms our position as the leading financier to the group.”
Andrew Sykes, of The Co-operative Bank project Finance team, said: “The ability of MAG to secure this new facility underlines the strength of its business and attractiveness to lenders.”
Steve Sherratt, from, HSBC added: “Manchester Airports Group is an excellent example of a dynamic and innovative business that continues to lead its market in the UK.
“This locally-managed multi-bank transaction evidences the region’s ability to support large corporates with their financing needs.”
