Manchester Airport Grp Funding PLC Announcement of Consent Solicitation Result (7262A)

TIDM38LZ

RNS Number : 7262A

Manchester Airport Grp Funding PLC

03 June 2021

MANCHESTER AIRPORT GROUP FUNDING PLC ANNOUNCES THE RESULTS OF STID PROPOSAL

AND CONSENT SOLICITATION IN RELATION TO THE STID PROPOSAL FOR THE BONDS SET OUT IN THIS ANNOUNCEMENT

3 June 2021

Announcement of the results of the STID Proposal

Manchester Airport Group Funding PLC (the "Issuer") today announces that the required majority of the Participating Qualifying Obligor Secured Creditors have voted in favour of the STID Proposal dated 29 April 2021.

Manchester Airport Group's ("MAG") ongoing strategic financial response to COVID-19 has been strongly endorsed by its creditors, with 98.92 per cent. of banks and bondholders voting, and 99.93 per cent. of those banks and bondholders who voted voting in favour of the STID Proposal. This support is a key part of MAG's financial package. This package puts MAG in a strong position to succeed as the aviation industry restarts and recovers.

Of the Outstanding Principal Amount of the Qualifying Obligor Secured Creditors (who were entitled to vote on the STID Proposal):

(a) Qualifying Obligor Secured Creditors holding 98.92 per cent. of the Outstanding Principal Amount of all Qualifying Obligor Senior Debt cast a vote in relation to the STID Proposal; and

(b) 99.93 per cent. of the Outstanding Principal Amount of all Qualifying Obligor Senior Debt which so voted, voted in favour of the STID Proposal.

Therefore, Participating Qualifying Obligor Secured Creditors holding 98.86 per cent. of the Outstanding Principal Amount of all Qualifying Obligor Senior Debt who were entitled to vote on the STID Proposal voted in favour of the STID Proposal.

Implementation Documents to give effect to the proposals approved in the STID Proposal will be entered into by certain Security Group entities and the Obligor Security Trustee as soon as practicable hereafter.

Announcement of the results of the consent solicitation in relation to the STID Proposal for the Bonds (as defined below)

On 29 April 2021, the Issuer had announced a consent solicitation in respect of the following series of bonds (the "Bonds"):

   (a)        GBP450,000,000 4.75 per cent. Fixed Rate Bonds due 2034 (ISIN: XS1032630771); 
   (b)       GBP360,000,000 4.125 per cent. Fixed Rate Bonds due 2024 (ISIN: XS1057530393); 
   (c)        GBP300,000,000 2.875 per cent. Fixed Rate Bonds due 2039 (ISIN: XS1718393512); and 
   (d)       GBP350,000,000 2.875 per cent. Fixed Rate Bonds due 2044 (ISIN: XS1991245017).

As at the Expiration Time on 2 June 2021 the Tabulation Agent had received valid Electronic Voting Instructions in favour of the STID Proposal representing GBP1,437,573,000 in outstanding principal amount of the Bonds (representing 98.46 per cent. of the aggregate outstanding principal amount of the Bonds).

Instruction Fees

Subject to the conditions set out in the STID Proposal Information Memorandum, the Issuer will pay to a holder of the Bonds who delivered a valid Electronic Voting Instruction in respect of the STID Proposal which was validly submitted and received by the Tabulation Agent at or prior to the Instruction Fee Deadline, which had not been validly withdrawn following the Instruction Fee Deadline and remained in full force and effect until the announcement of the results of the STID Proposal, the Instruction Fee equal to 0.05 per cent. of the Principal Amount Outstanding of such Bonds in respect of which the relevant holder had delivered an Electronic Voting Instruction in relation to the STID Proposal. The Instruction Fee will be paid on the Payment Date (which is expected to be on or about the fifth Business Day following this announcement) via the relevant Clearing System for onward payment to the cash account of an eligible holder of the Bonds in such Clearing System. The payment of any such amounts to the relevant Clearing System will discharge the obligations of the Issuer in respect of the Instruction Fee to such relevant Bondholder(s).

Capitalised terms used in this announcement and not defined herein have the meanings ascribed to them in the STID Proposal Information Memorandum dated 29 April 2021 (the "STID Proposal Information Memorandum") which includes the form of STID Proposal appended to it in the Schedule.

For Further Information:

Further details on the Consent Solicitation can be obtained from:

The Solicitation Agents

Barclays Bank PLC

5 The North Colonnade

Canary Wharf

London E14 4BB

United Kingdom

   Tel:                  +44 (0)20 3134 8515 
   Email:             eu.lm@barclays.com 
   Attention:        Liability Management Group

NatWest Markets Plc

250 Bishopsgate

London EC2M 4AA

United Kingdom

   Telephone:       +44 (0)20 7678 5222 
   Email:             liabilitymanagement@natwestmarkets.com 
   Attention:        Liability Management

The Tabulation Agent

Lucid Issuer Services Limited

Tankerton Works

12, Argyle Walk

London WC1H 8HA

   Telephone:       +44 20 7704 0880 
   Email:             mag@lucid-is.com 
   Attention:        Arlind Bytyqi 
   Website:          https://deals.lucid-is.com/mag

Disclaimer

This announcement must be read in conjunction with the STID Proposal Information Memorandum. This announcement is issued by Manchester Airport Group Funding PLC. None of the Solicitation Agents, the Tabulation Agent, the Obligor Security Trustee or the Bond Trustee accepts any responsibility for the contents of this announcement.

This announcement is released by Manchester Airport Group Funding PLC and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), encompassing information relating to the STID Proposal described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, this announcement is made by Jenny Cochrane (Secretary) at Manchester Airport Group Funding PLC.

Legal Entity Identifier number:

Manchester Airport Group Funding PLC - 2138006NA5VAMMBK3892

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