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Manchester Airports Group raises £300m on bond market

November 10, 2017 1:00 PM
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Manchester Airports Group raises £300m on bond market

MAG will use the proceeds of the bond to fund its transformational capital investment programmes at Manchester and London Stansted Airports.

The group issued the 22-year bond which was three times oversubscribed at around £1bn.

MAG will use the proceeds of the bond to fund the transformational capital investment programmes that is taking place at both Manchester and London Stansted Airports.

Work has already begun on delivering the £1bn programme at Manchester Airport.

Set for completion in 2020, and dubbed the biggest single construction project ever to take place in Greater Manchester, Terminal Two will merge with Terminal Three and get a 900,000sq ft extension.

The entire project will be complete by 2023, but major changes will be noticeable as early as 2019.

The plan comes with the promise of faster check-in and security checks, as well as a speedier journey through immigration and baggage claim.

Neil Thompson, chief financial officer for MAG, said: “The success of the bond is a testament to the strong financial performance of the Group over the past three years, which has delivered over 40 per cent earnings growth, and demonstrates the confidence of a wide number of UK and international blue-chip investors in MAG’s future growth strategy.

“Manchester and London Stansted airports both provide vital international connectivity for the UK with the Group operating routes to over 280 destinations.

Our plans for significant investment at Manchester and Stansted will not only improve the experience for passengers and airlines using our airports but also provide the foundations to unlock their significant future growth potential.”

Also read: Revealed: How to make sure your suitcase comes out FIRST on the luggage carousel at the airport

Source: manchestereveningnews.co.uk

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