British Airways has extended its United States dollar secured revolving credit facility for one year.
The move, confirmed by International Airlines Group, will take effect from June 23rd. The amount available under the extended facility is $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 of March 27th. 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.