Manchester Airport Grp Funding PLC Refinancing (7915A)

TIDM38LZ

RNS Number : 7915A

Manchester Airport Grp Funding PLC

13 June 2016

Issuer: Manchester Airport Group Funding PLC

Date: 13 June 2016

Manchester Airport Group Funding PLC

Company No. 8826541

News Release

Manchester Airports Group completes GBP560 million refinancing of revolving credit and liquidity facilities

Manchester Airports Group ("MAG") is pleased to announce completion of the refinancing of its revolving credit and liquidity facilities. These new facilities will provide strong support over the next few years for the Group's growth and investment activities, including the Manchester Airport Transformation Programme.

The facilities were oversubscribed with the final selection of 8 existing and new relationship banks from around the world, reflecting global credit markets' confidence in the strength of MAG's business profile.

The aggregate amount of the new facilities is GBP560 million: they comprise a GBP500 million revolving credit facility and GBP60 million in standby liquidity facilities. The new revolving credit facility has a five year term maturing in June 2021 with the option to extend subject to Lenders agreement. The liquidity facility provides a committed 12 months of interest cover supporting MAG's listed bonds and other credit facilities. The new facilities replace similar facilities that were due to mature in February 2018.

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. The remaining GBP90m balance of the term loan used for the successful acquisition of London Stansted airport will be repaid from the new revolving credit facility.

Neil Thompson, MAG's Chief Financial Officer, said: "This successful refinancing of our bank facilities combined with our bond issuances in 2014 provides MAG with a strong long-term funding platform to support the continued growth of the business, including investment in our infrastructure at Manchester and London Stansted and great service to passengers and airlines. We are delighted at the strong support shown by our bank group."

Notes

BNP Paribas acted as Co-ordinator for the implementation of the facilities and Mandated Lead Arrangers & Bookrunners were BNP Paribas Fortis SA/NV, Barclays Bank PLC, The Bank of Tokyo-Mitsubishi UFJ Ltd, Canadian Imperial Bank of Commerce London Branch, National Australia Bank, HSBC Bank plc, Svenska Handelsbanken AB (publ) and The Royal Bank of Scotland plc.

Enquiries:

   Investor Relations                                               investor.relations@magairports.com 
   MAG Press Office                                                press.office@magairports.com

This information is provided by RNS

The company news service from the London Stock Exchange

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June 13, 2016 11:00 ET (15:00 GMT)

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