Aer Lingus owner International Airlines Group (IAG) has said that it has secured a $1.76 billion credit facility from a group of banks that will be available to its coronavirus-hit airlines Aer Lingus, British Airways and Iberia.
The travel sector was dealt a fresh blow this week when Britons were warned not to book summer holidays abroad, deepening fears of a second straight lost summer as Europe's slow and chaotic vaccine rollout undermines expectations of a rebound.
The company said in a statement that the three airlines will have a separate borrowing limit within the overall three-year facility.
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Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue."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 US dollar facility, which had $786 million available at the end of December of 2020 and was due to expire on June 23.
Total Liquidity
IAG's total liquidity is estimated to be €10.3 billion ($12.22 billion) as of March 31, it said.
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