BA Finalises USD1.7 Billion Loan Deal

Fri, 26 Oct 2007

British Airways has today announced the completion of arrangements for a $1.7 billion (£829 million) long-term multiple-option loan .

The credit finance will be used to fund the production of new aircraft, expected to be delivered over the next five years.

The loan facility was provided by a collective of banks including the Bank of China, Industrial and Commercial Bank of China, Bank of Tokyo-Mitsubishi UFJ, Mitsubishi UFJ Trust and Banking Corporation, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp, Commerzbank and BNP Paribas.

Other banks playing a role in the deal are ING Bank, who will act as documentation agent for the banks; Royal Bank of Scotland acting as facility agent, and Calyon who will assume the role of security agent.

The UK flag-carrier was advised in the structuring of the facility by Spectrum Capital London, while legal advice was provided by Slaughter and May for the airline and Norton Rose for the banks .
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