REG - Intl Con Airline Grp - BA agrees £1.0 billion UKEF 5-year credit facility

International Consolidated Airlines SAAnnouncement

01/11/2021 09:40

RNS Number : 8922Q
  
International Cons Airlines Group
  
01 November 2021
  
 

British Airways agrees £1.0 billion UK Export Finance guaranteed 5-year committed credit facility
International Airlines Group (IAG) announces that British Airways has reached agreement with UK Export Finance (UKEF) and a syndicate of banks for a 5-year Export Development Guarantee committed Credit Facility (UKEF Facility) of £1.0 billion. This is additional to a £2.0 billion UKEF guaranteed facility that was announced in December 2020 and drawn in March 2021.
British Airways intends to draw down only if and when required and the facility will not be utilised upon signing. 
Similar to the previous facility, British Airways is entitled to repay any drawn loan at any time on notice and there are similar non-financial covenants, including restrictions on dividend payments to IAG. Both facilities have similar sustainability-linked features.
At the end of September, IAG's total liquidity was strong at €10.6 billion. This facility further bolsters liquidity. IAG will update investors and analysts in its third quarter results announcement on 5 November.
 Stephen Gunning
Chief Financial Officer
 
1 November 2021
 
 
 
LEI: 959800TZHQRUSH1ESL13
This announcement contains inside information and is disclosed in accordance with the Company's obligations under the Market Abuse Regulation
 

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