MAG raises £300m in new 18-year bond to drive forward investment plans
Manchester Airports Group (MAG) raised £300m in the UK capital markets yesterday, through a new 18-year bond.
The Group – which owns Manchester, London Stansted and East Midlands Airports – secured the bond at a competitive rate of 5.75%. It was supported by a number of UK and international institutional investors.
Proceeds from the bond will support MAG’s significant investment plans – including the completion of the Manchester Airport Transformation Programme by 2025 and plans to extend the terminal building at London Stansted Airport.
MAG mandated Barclays, CIBC, HSBC, NAB and NatWest as book runners on the new bond. Linklaters acted for MAG, with Allen & Overy acting for the bookrunners.
This transaction is MAG’s second bond issuance in the last 12 months, having raised £360m from the market in September 2023.
MAG Chief Financial Officer, Jan Bramall said: “We are pleased that our investment partners continue to show confidence in MAG and our plans to invest in our airports.
“By supporting this bond, we can focus on delivering the infrastructure transformation which will improve the airport experience for our passengers and allow us to achieve our long-term growth targets.”
