AIRPORT bosses say they are looking to the future with confidence after securing a £233m deal.

Newcastle Airport has re-financed its bank debt.

Officials told The Northern Echo the loan agreement provides long-term assurance to continue pushing for new flights, as well as improving the site’s baggage hall and runway.

They added the deal will ease interest loan payments and provide protection from future rate rises.

It comes after the airport committed £40m to site upgrades, which have included a new £14m departure lounge and work to replace a radar system.

However, Nick Jones, airport interim chief executive, said the financing will provide scope to make further upgrades to areas such as its luggage handling service.

He told The Northern Echo: “What this allows me to have is confidence that I will have access to finance that I need to keep the airport up-to-date.

“We already had an existing agreement but this was a really good time (to extend it) because the market is competitive.

“This is all about setting a platform.

“We have created something that allows the airport to continue to deliver the facilities and connectivity the North-East needs.

“It will help secure the long-term success of the airport by maintaining its sound financial footing and supporting our growth plans.”

Mr Jones, who is running the airport after David Laws stepped down, added that after the re-financing, £43m will be split between local authority shareholders, which include Durham County Council and Sunderland City Council, and AMP Capital.

He revealed it will be the first time since 2013 that shareholders have received a dividend.

Councillor Iain Malcolm, leader of South Tyneside Council and chairman of the LA7 Airport Holding Company, added: “The completion of the re-financing is great news for the region.

“The airport has grown to become a very significant asset for the North-East, contributing hugely to the economy, and providing the links that people and businesses need.”

Earlier this month, airport bosses hailed the success of the site’s flagship long-haul Emirates service after it enjoyed record demand.

They revealed the daily flight, which carries people between the North-East and Dubai, took 22,745 passengers in August.

The service started at Newcastle in 2007 and has now welcomed well in excess of one million travellers.

Its success was matched by news budget operators Ryanair and Easyjet will increase flights from the North-East to places including Madrid, Faro, Warsaw, Berlin and Las Palmas, in Gran Canaria.

The announcements came as a fillip after United Airlines’ halted non-stop flights between Newcastle and New York amid claims of weaker-than-anticipated demand and Brexit uncertainty.