Manchester Airports Group completes £280m refinancing

Manchester Airports Group has arranged a £280m five-year financing facility with a group of seven banks.

The facility is provided through MAG's existing lenders Barclays, the Co-operative Bank, Handelsbanken and RBS, together with the addition of HSBC, National Australia Bank subsidiary Yorkshire Bank and Santander.

MAG said the 'facility refinances existing funding and will support the future investment and growth of MAG'.

MAG is the UK's largest British-owned airport group and serves 24m passengers a year through Manchester, East Midlands, Bournemouth and Humberside Airports as well as the MAG Developments property business.

Ken Duncan, MAG's group finance director, 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."

Andrew Sykes, the Co-operative Bank's senior manager in the project finance team, said: "The ability of MAG to secure this new facility underlines the strength of its business and attractiveness to lenders. The deal further cements the strong relationship held with MAG and its stakeholders, the 10 Greater Manchester local authorities."

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