30th Mar 2020 13:19
(Alliance News) - International Consolidated Airlines Group SA on Monday said unit British Airways has extended its US dollar secured revolving credit facility to June 23, 2021, from June 23.
The FTSE 100-listed company said the amount available under the extended facility is USD1.38 billion, resulting in IAG's total undrawn general and committed aircraft financing facilities equivalent to EUR2.1 billion currently, compared to EUR1.9 billion as at the end of 2019.
IAG has not drawn down on any of its facilities, it noted.
Looking ahead, IAG said it continues to have strong liquidity with cash, cash equivalents and interest-bearing deposits of EUR7.2 billion as of Friday last week. Total cash and undrawn facilities are currently EUR9.3 billion.
In addition, the company - which also operates Air Lingus, Iberia and Level airlines - said it is exploring a number of operational and treasury initiatives to improve further its cash flow and liquidity.
IAG shares were trading 3.3% lower in London on Monday at 204.70 pence each.
By Evelina Grecenko; [email protected]
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