MAG completes £590m refinancing as banks show confidence in continuing COVID recovery
Manchester Airports Group (MAG) announced today it has completed a refinancing of its existing £590m revolving credit and liquidity facilities.
MAG – which owns and operates Manchester, London Stansted and East Midlands Airports - said the deal demonstrates the underlying confidence lenders have in its ongoing recovery from the impacts of the pandemic, following the removal of travel restrictions and a significant increase in passenger numbers.
The Group served 80% of pre-covid traffic in April, up from 37% in January, which is more than 4.2 million passengers across MAG’s three airports..
The refinancing is made up of a £500m five-year revolving credit facility, and £90m in standby liquidity facilities providing 12 months of interest cover on listed bonds and other credit facilities.
The terms have been agreed by MAG’s eight existing banks, which have showed continuous support for the Group over the last two years.
Jan Bramall, MAG’s Chief Financial Officer, said: “This successful refinancing demonstrates the confidence the markets have in the future of our business and the travel sector.
“After the most difficult period in our history, we are taking steps towards recovery and are committed to continuing with a long-term finance strategy which will allow us to invest in our airport infrastructure to the benefit of our passengers, partners and colleagues.
“I would like to thank our lenders for the support they have shown our business over the last two years and look forward to continuing our relationship with them as we return to full strength.”
Notes to Editors:
Notes National Westminster Bank PLC acted as Co-ordinator for the implementation of the facilities and Mandated Lead Arrangers were BNP Paribas London Branch, Barclays Bank PLC, Canadian Imperial Bank of Commerce London Branch, National Australia Bank Limited, HSBC UK Bank plc, Sumitomo Mitsui Banking Corporation London Branch, Handelsbanken Capital Markets Handelsbanken plc and National Westminster Bank PLC