Manchester's £1.5bn acquisition of Stansted backed by loan
Manchester Airports Group's £1.5 billion acquisition of London's Stansted airport is being backed with a £1.2 billion club loan from a group of 13 banks, banking sources said yesterday. The investment grade five-year facilities are split between term loans and revolving credit facilities, the sources said.
A portion of the loan is expected to be taken out by a bond, two of the sources said. The bond issue is expected within 12 to 18 months after close to give the Manchester group time to make some progress in turning Stansted around before issuing bonds, another of the sources said. - (Reuters)