International Airlines Group (IAG) has released that British Airways has extended its US dollar secured Revolving Credit Facility for one year from June 23, 2020 to June 23, 2021. The amount available under the extended facility is US$1.38 billion. Including the extended facility and some smaller additional facilities recently arranged, IAG has total undrawn general and committed aircraft financing facilities equivalent to €2.1 billion currently, compared to €1.9 billion at the end of 2019. IAG has not drawn down on any of its facilities.
IAG continues to have strong liquidity with cash, cash equivalents and interest-bearing deposits of €7.2 billion as at March 27. Total cash and undrawn facilities are currently €9.3 billion.
In addition, the Group is exploring a number of operational and treasury initiatives to improve further its cash flow and liquidity and will update the market in due course. (€1.00 = US$1.10 at time of publication.)
