LONDON, Nov 1 (Reuters) - British Airways boosted its
financial firepower by agreeing an extra 1 billion pounds ($1.37
billion) in UK Export Finance, adding to the resources available
to its parent company IAG.
IAG said on Monday that BA would not necessarily need to use
the facility. Most airlines across the world have had to take on
huge new loans to help them survive during the pandemic, but
travel is now recovering.
"British Airways intends to draw down only if and when
required and the facility will not be utilised upon signing,"
IAG said in a statement.
The new 1 billion pound UK Export Finance guaranteed 5-year
credit facility is in addition to the 2 billion pounds BA was
granted in December 2020 and drew down in March 2021.
IAG said it has total liquidity of 10.6 billion euros, not
including the new facility and it would update investors on
Friday when it presents third quarter results.
($1 = 0.7321 pounds)
(Reporting by Sarah Young; Editing by Alistair Smout)