International Cons Airlines Group British Airways receives commitments GBP2.0bn UKEF (3288K)
31 Diciembre 2020 - 7:15AM
UK Regulatory
TIDMIAG
RNS Number : 3288K
International Cons Airlines Group
31 December 2020
British Airways receives commitments for GBP2.0 billion UK
Export Finance guaranteed 5-year loan facility
International Airlines Group (IAG) announces that British
Airways has received commitments for a 5-year term-loan Export
Development Guarantee Facility of GBP2.0 billion underwritten by a
syndicate of banks, partially guaranteed by UK Export Finance
(UKEF). British Airways expects to drawdown the facility in January
2021 subject to agreement of final terms with the lenders and
UKEF.
UKEF is the UK's export credit agency and provides the Export
Development Guarantee to support the working capital and capital
expenditure needs of UK exporters that meet certain criteria.
British Airways is entitled to repay the loan at any time on
notice. The arrangement contains some non-financial covenants,
including restrictions on dividend payments by the airline to
IAG.
The proceeds from the UKEF facility will be used to enhance
liquidity and provide British Airways with the operational and
strategic flexibility to take advantage of a partial recovery in
demand for air travel in 2021 as COVID-19 vaccines are distributed
worldwide.
IAG continues to have strong liquidity with cash and undrawn
facilities of EUR8.0 billion as at 30 November, excluding the UKEF
facility.
In addition to the UKEF facility, the Group is exploring other
debt initiatives to improve further its liquidity and will update
the market in due course.
Stephen Gunning
Chief Financial Officer
31 December 2020
LEI: 959800TZHQRUSH1ESL13
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