Advancing UK Aerospace, Defence, Security & Space Solutions Worldwide

Aerospace

MAG secures £350m in UK bond market

Airport group MAG has successfully raised £350 million in the UK capital markets through the issuance of a 25 year bond (at an interest rate coupon of 2.875%) and has disclosed that the order book for the bond was four times oversubscribed, totalling c.£1.4 billion.

MAG plans to use the proceeds of the bond to fund the significant and transformational capital investment programmes that the Group is undertaking at its airports as well as for general corporate purposes.

For example, the Manchester Airport Transformation Programme (MAN-TP) is well underway, having started in 2017, with a new pier and multi-storey car park, as part of an expanding Terminal 2, now fully operational. Overall, the £1 billion programme of work will allow the airport to serve more passengers in its terminals and make fuller use of its current runway capacity.

Advertisement
Farsound RT 2

Meanwhile, the London Stansted Airport Transformation Programme (STN-TP) was started in 2018. The next phase will involve the completion of work on eight new aircraft stands, new check-in desks, the completion of a multi-storey car park and upgrading the hold baggage screening system.

Neil Thompson (above), Chief Financial Officer for MAG, said: “The success of the bond is a testament to the strong financial performance of the Group over several years. The bond was supported by almost all the key blue-chip UK institutional investors and demonstrates the confidence those investors have in the future growth strategy for MAG and its track record.

Advertisement
Marshall RT 2

“Our significant investment at Manchester and London Stansted airports, which is already well underway, is already improving the experience for passengers and airlines using our airports. Looking ahead, the investment we are delivering will be transformative and allow our airports to further unlock their significant future growth potential.”

MAG mandated HSBC as Arranger and Active Bookrunner on the transaction, alongside NatWest Markets. Barclays, BNP Paribas, MUFG and NAB also acted as Passive Bookrunners. Co-Managers were CIBC and Handelsbanken.  In addition, Linklaters acted as MAG’s legal counsel, whilst A&O acted for the Bookrunners.

 

Advertisement
Advanced Navigation LB 1
British Airways and Virgin Atlantic CEOs to speak at Sustainable Skies World Summit 2024

Aerospace

British Airways and Virgin Atlantic CEOs to speak at Sustainable Skies World Summit 2024

28 March 2024

Aviation leaders Shai Weiss, CEO of Virgin Atlantic and Sean Doyle, CEO of British Airways as keynote speakers at the Sustainable Skies World Summit 2024.

Airframe Designs helps to lead additive manufacturing industry body

Aerospace

Airframe Designs helps to lead additive manufacturing industry body

27 March 2024

Airframe Designs has joined a national industry body to help lead the development of additive manufacturing and 3D printing in the UK.

Leonardo secures presence at Bahrain International Airshow

Aerospace Defence Events

Leonardo secures presence at Bahrain International Airshow

26 March 2024

Italian aerospace, defence and security firm, Leonardo has secured its presence at the Bahrain International Airshow for the seventh year.

Made Smarter and tech institutes to demystify digital transformation

Aerospace

Made Smarter and tech institutes to demystify digital transformation

26 March 2024

Made Smarter and leading technology demonstrators have joined forces to demystify digital transformation with a new white paper.

Advertisement
ODU RT 2
Britten-Norman secures new investment

Aerospace

Britten-Norman secures new investment

25 March 2024

Britten Norman has secured new investment from a group of investors led by 4D Capital Partners LLP (“4D”) The new investors are making funds available to Britten-Norman to fund working capital and to drive successful long-term growth.

First disability flying lessons to be launched at Kent airport

Aerospace

First disability flying lessons to be launched at Kent airport

25 March 2024

The UK’s disabled flying charity Aerobility has partnered with Lydd Aero Club in Kent to provide opportunities for lessons and experience flights for people living with disabilities, at Kent airport.

Advertisement
Marshall RT 2