Share Prices & Company Research

Market News

23 Mar 2021 | 17:04

IAG secures $1.76bn credit facility against Gatwick, Heathrow landing rights

(Sharecast News) - British Airways and Iberia parent IAG said on Tuesday that it has secured a $1.76bn revolving credit facility with a syndicate of banks, using take-off and landing rights at both Heathrow and Gatwick airports as collateral. The RCF 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 which has a separate borrower limit within the overall facility.

The debt is also being secured against eligible unencumbered aircraft assets, IAG said. After securing the new RCF, the group's total facilities have increased by nearly €400m.

IAG said it continues to have "strong" liquidity, with an estimated total of €10.3bn as of the end of March.

The company also said on Tuesday that British Airways has cancelled its US dollar facility that was due to expire in June, which had $786m undrawn and available at the end of December 2020.

Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 30th April 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.