Adds share motion, element on deal, liquidity, back
Adds share motion, element on deal, liquidity, background
March 23 (Reuters) – British Airways proprietor IAG ICAG.L mentioned on Tuesday it had secured a $1.76 billion credit score facility from a gaggle of banks that may be out there to its coronavirus-hit airways Aer Lingus, British Airways and Iberia.
The journey sector was dealt a recent blow this week when Britons had been warned to not guide summer time holidays overseas, deepening fears of a second straight misplaced summer time as Europe’s gradual and chaotic vaccine rollout undermines expectations of a rebound.
Shares of IAG had been down 4.6% by 1618 GMT.
The corporate mentioned in a press release on Tuesday that the three airways would have a separate borrowing restrict inside the general three-year facility.
“Quantities drawn could be secured in opposition to eligible unencumbered plane belongings and take-off and touchdown rights at each London Heathrow and London Gatwick airports,” it mentioned.
IAG additionally mentioned that British Airways had concurrently cancelled its U.S. greenback facility, which had $786 million out there at December-end and was on account of expire on June 23.
IAG’s complete liquidity is estimated to be 10.three billion euros ($12.22 billion) as of March 31, it mentioned.
($1 = 0.8427 euros)
(Reporting by Yadarisa Shabong in Bengaluru; Enhancing by Aditya Soni)
(([email protected]; Twitter: https://twitter.com/Yadarisa; +919742735150;))
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