British Airways, a subsidiary of International Consolidated Airlines Group SA (IAG), has secured a loan of £1bn from the UK Export Finance (UKEF), adding to the £2bn UKEF credit facility announced in March this year.
The 5-year export development guarantee committed credit facility was signed with UKEF and a syndicate of banks, IAG said in a statement.
IAG noted that BA will only use the loan if and when required. Major airlines have taken out large loans to see them through the COVID-19 pandemic, but as travelling is now recovering, they may not use all the funds.
IAG said its total liquidity amounted to €10.6bn at the end of September.