Manchester Airports Group has hailed corporate confidence in its future prospects after raising £360 million in the UK bond market.
The group, which operators Manchester, Stansted and East Midlands airports, said an 18-year bond had been issued at a rate of 6.125% with the support of “almost all the key blue-chip UK institutional investors”.
It also said the order book for the bond was four times oversubscribed and was around £1.4 billion at its peak. MAG’s existing £360 million bond is due to mature in April 2024.
Jan Bramall, chief financial officer, said: “The success of this bond is a testament to the strength of MAG’s recovery following the Covid-19 pandemic.
“We are pleased with the support and confidence that UK investors continue to show in MAG’s investment and long-term growth plans.”
The group is currently delivering a £1.3bn transformation programme at Manchester Airport, the final £440m phase of which began in January and is due for completion in 2025.
It is also consulting on plans to extend the terminal building at Stansted as it eyes projected passenger growth.
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