Air France-KLM and Air France announce the successful renegotiation of their Sustainability Linked Revolving Credit Facility, resulting in an increase to €1.4 billion and extension of its maturity to July 2028
July 18 2024 - 12:00PM
UK Regulatory
Air France-KLM and Air France announce the successful renegotiation
of their Sustainability Linked Revolving Credit Facility, resulting
in an increase to €1.4 billion and extension of its maturity to
July 2028
Paris, 18 July 2024
Air France-KLM and Air France announce the successful
renegotiation of their Sustainability Linked Revolving Credit
Facility, resulting in an increase to €1.4 billion and extension of
its maturity to July 2028
-
Financial conditions optimization following Air France-KLM’s credit
rating
-
Maturity extended to July 2028, associated with a one-year
extension option
-
Increase of the facility from €1,290m to €1,405m
-
Increase in the RCF lenders’ pool from 16 to 17 relationship banks,
among which 12 Tier 1 banks, and 5 Tier 2 banks.
In March 2023 Air France-KLM and Air France as
combined borrowers signed a €1.2billion Sustainability-Linked RCF.
This facility had an initial 2026 maturity, included two one-year
extension options, at lenders’ discretion, and provided for a €100
million accordion increase option at the lenders’ discretion. The
first extension option and accordion option were activated in April
2024.
The amended agreement provides for an extension
of the maturity to July 2028 with a one-year extension option at
lenders’ discretion, as well as an increase in the size of the
facility to €1.4billion with optimized financial conditions. This
facility is currently undrawn. Through this transaction, Air
France-KLM and Air France are extending the average maturity of
available resources, in line with the Group's policy of careful
liquidity management. The facility has been successfully syndicated
and oversubscribed, by a pool of widely diversified international
banks, which demonstrates the confidence in the Group's
solidity.
This transaction was coordinated by Crédit Agricole Corporate and
Investment Bank (CACIB) and Natixis CIB, jointly acting as
Coordinators and Natixis CIB acting as Facility Agent.
KLM’s €1.0billion ESG-linked revolving credit
facility signed in March 2023 with an initial 2027 maturity, and
two one-year extension options of which one option was exercised in
April 2024, remains unchanged, with a 2028 maturity.
The total amount of the Group Revolving Credit Facilities is
therefore increased to €2.4billion, from €2.3 billion
previously.
Investor
Relations
Michiel
Klinkers Marouane
Mami
michiel.klinkers@airfranceklm.com marouane.mami@airfranceklm.com
Website: www.airfranceklm.com
- Press release - AFKL AF RCF
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