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British Airways agrees to £1bn committed credit facility
British Airways (BA) has agreed to a five-year committed credit facility worth £1bn.
The agreement – which was announced by British Airways’ owner IAG – was reached between BA, British export credit agency UK Export Finance (UKEF) and a syndicate of banks.
The amount is additional to a UKEF guaranteed facility worth £2bn that was announced in December 2020, but drawn in March 2021.
Just like with the previous facility, BA will be allowed to repay any loans at any time on notice, as similar non-financial covenants – including restrictions on dividends paid to IAG – apply.