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Manchester Airport Group bondholders vote in favor of STID proposal
Chicago, June 3 – Manchester Airport Group Funding plc said that the required majority of the secured creditors have voted in favor of its STID proposal from April 29, according to a notice.
Manchester Airport said its strategic financial response to Covid-19 has been strongly endorsed by its lenders, with 98.92% of banks and bondholders voting, and 99.93% of those voting doing so in support of the STID proposal.
The group had announced a consent solicitation for holders of four series of its fixed-rate bonds.
As of the expiration time on June 2, voting instructions representing £1,437,573,000, or 98.46%, in outstanding principal amount of the bonds, were delivered in favor of the proposal.
The following notes were included in the consent bid:
• £450 million 4.75% bonds due 2034 (ISIN: XS1032630771);
• £360 million 4.125% bonds due 2024 (ISIN: XS1057530393);
• £300 million 2.875% bonds due 2039 (ISIN: XS1718393512); and
• £350 million 2.875% bonds due 2044 (ISIN: XS1991245017).
The group held a similar solicitation in 2020.
The solicitation agents were Barclays Bank plc (+44 20 3134 8515, eu.lm@barclays.com) and NatWest Markets plc (+44 20 7678 5282, liabilitymanagement@natwestmarkets.com). The tabulation agent was Lucid Issuer Services Ltd. (+44 20 7704 0880, mag@lucid-is.com).
The airport company is based in the United Kingdom.
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