Manchester Airports Group announces £280 million refinancing deal

The Manchester Airports Group (MAG) today announced a new £280 million, five year financing facility with a group of seven major banks.

The facility refinances existing funding and will support the future investment and growth of MAG, which is the UK’s largest British-owned airport group and serves 24 million passengers through its ownership and operation of Manchester, East Midlands, Bournemouth and Humberside Airports as well as the MAG Developments property business.

MAG’s Group 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.”

The deal represents one of the largest financing transactions arranged in Manchester in recent years. The facility is provided through existing relationship banks including Barclays, the Co-operative Bank, Handelsbanken and RBS, together with further strengthening through the addition of HSBC, National Australia Bank (through its subsidiary Yorkshire Bank) and Santander.

ENDS

For more information, contact the Manchester Airports Group press office on 0161 489 2700 or press.office@manairport.co.uk

Published on: 06/01/2011 10:50:41