International Cons Airlines Group Iberia and Vueling sign syndicated loan agreements (6290L)
01 Mayo 2020 - 01:00AM
UK Regulatory
TIDMIAG
RNS Number : 6290L
International Cons Airlines Group
01 May 2020
IBERIA AND VUELING SIGN SYNDICATED LOAN AGREEMENTS
International Airlines Group (IAG) announces that IBERIA LÍNEAS
AÉREAS DE ESPAÑA S.A. OPERADORA, SOCIEDAD UNIPERSONAL ("Iberia")
and VUELING AIRLINES, S.A. ("Vueling") have signed syndicated
financing agreements for EUR750 million and EUR260 million
respectively.
The banks involved in the syndicated agreement will ask the
Instituto de Crédito Oficial (ICO) to grant guarantees for these
loans and the financing is conditional on those guarantees being
made available. The arrangement is within the legal framework set
up by the Spanish government to mitigate the economic impact of
COVID-19.
The financing arrangements have a five-year term, amortising
from 30 April 2023, but are repayable at any time on notice from
Iberia or Vueling respectively. They contain a number of
non-financial covenants to protect the position of the banks,
including restrictions on the upstream of cash to the rest of the
IAG companies.
Stephen Gunning
Chief Financial Officer
1 May 2020
LEI: 959800TZHQRUSH1ESL13
This announcement contains inside information and is disclosed
in accordance with the Company's obligations under the Market Abuse
Regulation (EU) No 596/2014.
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END
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