RNS Number : 6290L

International Cons Airlines Group

01 May 2020


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


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) Dow Jones Newswires

May 01, 2020 02:00 ET (06:00 GMT)