REG - Manchester Airport - Refinancing of RCF and LF facilities

Canadian Imperial Bank of CommerceAnnouncement

27/05/2022 17:30

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RNS Number : 1396N  Manchester Airport Grp Funding PLC  27 May 2022

Issuer: Manchester Airport Group Funding PLC

Date: 27 May 2022

 

Manchester Airport Group Funding PLC

Company No. 8826541

 

News Release

 

 

 

Manchester Airports Group completes £590 million refinancing of revolving
credit and liquidity facilities

Manchester Airports Group ("MAG") is pleased to announce completion of the
refinancing of its existing revolving credit and liquidity facilities through
an amendment and restatement process. These facilities will continue to
provide support over the next few years for the Group's return to growth and
investment activities, following the pause in such activities since 2020 due
to the emergence of the worldwide COVID-19 pandemic.

MAG's existing eight relationship banks have provided strong support
throughout the pandemic. MAG is delighted to announce the continuation of
those relationships, with all existing banks participating in the facilities,
reflecting global credit markets' confidence in the strength of MAG's business
profile, endorsement of its financial and strategic response to the pandemic,
and business outlook following a release of all UK travel restrictions.

The aggregate amount of the facilities is £590 million: they comprise a £500
million revolving credit facility and £90 million in standby liquidity
facilities. The revolving credit facility has a five year term maturing in May
2027 with the option to extend by up to two years subject to Lenders'
agreement. The liquidity facility provides a committed 12 months of interest
cover supporting MAG's listed bonds and other credit facilities, subject to an
annual renewal process. The facilities extend the existing facilities that
were due to mature in June 2023.

MAG remains committed to its strong investment grade ratings with Fitch and
Moody's and its strategy to maintain a long-term financing structure,
including investment from the capital markets.

Jan Bramall, MAG's Chief Financial Officer, said: "This successful refinancing
of our bank facilities combined with our bond issuances since 2014 provides
MAG with a sound long-term funding platform to support the continued growth of
the business, including investment in our infrastructure at Manchester, London
Stansted and East Midlands and enhancing the level of service to passengers
and airlines. We are delighted at the support shown by our lenders and we
would like to extend our thanks for that support during a difficult two years,
as we look ahead to a return to growth and investment alongside our banking
partners."

Notes

National Westminster Bank PLC acted as Co-ordinator and Facility Agent 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.

Enquiries:

 

Investor
Relations
investor.relations@magairports.com (mailto:investor.relations@magairports.com)

 

MAG Press Office
 
Halyna.rewko@magairports.com

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