Manchester Airports Group (MAG) has recently completed a refinancing valued at £500 million (US$792 million) that will support group's investments such as the Manchester Airport Transformation Programme.

The refinancing package consist of a £500 (US$702 million) revolving credit facility and £60 million (US$85 million) in standby liquidity facilities. The new revolving credit facility has a five-year term maturing in June 2021

This new revolving credit facility, which matures in June 2021, will replace other financing facilities with maturity in February 2018.

BNP Paribas acted as coordinator for the implementation of the facilities and mandated lead arrangers and bookrunners were BNP Paribas Fortis SA/NV, Barclays Bank, the Bank of Tokyo-Mitsubishi UFJ, Canadian Imperial Bank of Commerce London Branch, National Australia Bank, HSBC Bank, Svenska Handelsbanken and the Royal Bank of Scotland.

According to sources, Neil Thompson, MAG's chief financial officer, said:

"This successful refinancing of our bank facilities combined with our bond issuances in 2014 provides MAG with a strong long-term funding platform to support the continued growth of the business, including investment in our infrastructure at Manchester and London Stansted and great service to passengers and airlines. We are delighted at the strong support shown by our bank group."

MAG is privately managed on behalf of its shareholders:

• IFM Investors - 35.5%
• Manchester City Council - 35.5%
• The other 9 Greater Manchester Councils - 29%