International Cons Airlines Group IAG agrees $1.8bn secured 3 year RCF (2340T)
23 Marzo 2021 - 9:42AM
UK Regulatory
TIDMIAG
RNS Number : 2340T
International Cons Airlines Group
23 March 2021
IAG agrees $1.8 billion multi-borrower secured 3-year Revolving
Credit Facility
International Airlines Group (IAG) announces that it has signed
a Revolving Credit Facility with a syndicate of banks. The total
amount available under the facility is $1.755 billion and will be
available for a period of three years plus two one-year extension
periods at the discretion of the lenders.
The facility is available to Aer Lingus, British Airways and
Iberia, each of whom has a separate borrower limit within the
overall facility. Amounts drawn would be secured against eligible
unencumbered aircraft assets and take-off and landing rights at
both London Heathrow and London Gatwick airports. Simultaneous with
entering into this new Revolving Credit Facility, British Airways
has cancelled its US dollar facility that was due to expire on 23
June 2021 and which had $786 million undrawn and available at 31
December 2020. In addition, approximately EUR400 million of
facilities are due to expire undrawn by the end of March.
As a net result, the Group's total facilities have increased by
nearly EUR400 million and their weighted average availability
period has extended by at least 1.5 years compared to
previously.
IAG continues to have strong liquidity with an estimated total
as of 31 March of EUR10.3 billion, comprised of EUR7.8 billion
cash, cash equivalents and interest-bearing deposits, EUR1.7
billion undrawn general facilities, including today's announced
facility undrawn, and EUR0.8 billion committed aircraft financing
facilities.
Stephen Gunning
Chief Financial Officer
23 March 2021
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