IAG secures $1.76 billion in credit to bolster finances of its airlines.
IAG Group said on Tuesday it had secured a $1.76 billion credit facility from a group of banks that would be available to its coronavirus-hit airlines Aer Lingus, British Airways and Iberia.
The company said in a statement on Tuesday that the three airlines would have a separate borrowing limit within the overall three-year facility.
See also: British Airways says will not retire its Airbus A380s.
“Amounts drawn would be secured against eligible unencumbered aircraft assets and take-off and landing rights at both London Heathrow and London Gatwick airports,” it said.
IAG also said that British Airways had simultaneously cancelled its U.S. dollar facility, which had $786 million available at December-end and was due to expire on June 23.
IAG’s total liquidity is estimated to be 10.3 billion euros ($12.22 billion) as of March 31, it said.
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