British Airways has secured a £1 billion loan which it will draw down “only if and when required”.
Parent company International Airlines Group (IAG) said BA has reached agreement with UK Export Finance (UKEF) and a syndicate of banks for a five-year Export Development Guarantee committed Credit Facility.
The sum is in addition to a £2 billion UKEF loan announced by British Airways in December 2020 and drawn down in March 2021.
Both loans have similar sustainability-linked features, said IAG, which added that, at the end of September, the group’s total liquidity was “strong” at €10.6 billion.
IAG will publish its third quarter results on 5 November.
British Airways was buoyed last month when the US revealed it will allow fully vaccinated UK citizens into the country from November 8. The airline announced it will operate its largest schedule since the start of the pandemic this winter.