East Midlands airport owner agrees £590m refinance deal

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Manchester Airports Group (MAG) announces that it has completed the refinancing of its existing £590 million revolving credit and liquidity facilities.

MAG – which owns and operates Manchester, London Stansted and East Midlands airports – said the deal demonstrates the lenders’ underlying confidence in its continued recovery from the impacts of the pandemic, following the removal of travel restrictions and to a significant increase in the number of passengers.

The Group served 80% of pre-covid traffic in April, compared to 37% in January, i.e. more than 4.2 million passengers at MAG’s three airports.

The refinancing consists of a £500 million five-year revolving credit facility and £90 million of standby liquidity facilities providing 12 months of interest cover on the listed bonds and other credit.

The terms were agreed by MAG’s eight existing banks, which have provided ongoing support to the Group over the past two years.

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Jan Bramall, Chief Financial Officer of MAG, said: “This successful refinancing demonstrates the markets’ confidence in the future of our business and the travel industry.

“After the most difficult period in our history, we are taking steps towards recovery and are committed to pursuing a long-term financing strategy that will allow us to invest in our airport infrastructure for the benefit of our passengers, partners and colleagues. .

“I would like to thank our lenders for their support of our business over the past two years and I look forward to continuing our relationship with them as we return to full strength.”

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