TIDM38LZ

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 GBP590 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 GBP590 million: they comprise a GBP500 million revolving credit facility and GBP90 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 
   MAG Press Office                                                Halyna.rewko@magairports.com

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May 27, 2022 11:15 ET (15:15 GMT)

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