International Airlines Group has secured a revolving credit facility
of US$1.755 billion with a syndicate of banks. The facility is 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 which 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 a US dollar facility that was due to
expire on 23 June 2021 and which had US$786 million undrawn and available at 31
December 2020. In addition, approximately €400 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 €400 million.