British Airways secures £1bn government-backed mortgage | Information

British Airways has signed an settlement with the UK authorities for a £1 billion mortgage.

The deal, with UK Export Finance (UKEF) and a syndicate of banks, was confirmed by proprietor Worldwide Airways Group (IAG) earlier.

It would take the type of a five-year export improvement assure dedicated credit score facility (UKEF Facility).

The money comes along with a £2 billion UKEF assured facility that was introduced in December final yr and drawn in March.

“British Airways intends to attract down provided that and when required and the ability is not going to be utilised upon signing,” an announcement defined.

Just like the earlier facility, British Airways is entitled to repay any drawn mortgage at any time on discover and there are related non-financial covenants, together with restrictions on dividend funds to IAG.

On the finish of September, IAG stated it had complete of €10.6 billion.

The group – which additionally consists of Aer Lingus and Iberia – will replace buyers and analysts in its third quarter outcomes announcement on November fifth.

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