23rd Mar 2021 16:07
(Alliance News) - International Cons Airlines Group SA on Tuesday said it has signed a revolving credit facility with a syndicate of banks for USD1.76 billion.
The FTSE-100-listed company said the facility will be available for 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 have a separate borrower limit within the overall facility.
IAG noted that amounts drawn would be secured against eligible unencumbered aircraft assets and take-off and landing rights at both London Heathrow and London Gatwick airports.
In addition, the company said British Airways has cancelled its US dollar facility that was due to expire on June 23 and which had USD786 million undrawn and available at the end of 2020. Also, IAG noted EUR400 million of facilities are due to expire undrawn by the end of March.
Following the refinancing, the company said its total facilities have increased by nearly EUR400 million and their average availability has extended by at least 1.5 years.
IAG said it estimates its liquidity to total as of the end of March at EUR10.3 billion, including Tuesday's announced facility undrawn.
The stock was trading 4.3% lower in London on Tuesday at 187.30 pence a share.
By Evelina Grecenko; [email protected]
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