BA agrees new £1bn UK Export Finance guaranteed five-year committed credit facility

British Airways (BA) has reached agreement with UK Export Finance (UKEF) and a syndicate of banks for a five-year Export Development Guarantee committed Credit Facility (UKEF Facility) of £1.0 billion. This is additional to a £2.0 billion UKEF guaranteed facility that was announced in December 2020 and drawn in March 2021. British Airways intends to draw down only if and when required and stressed that the facility will not be utilised upon signing. Similar to the previous facility, British Airways is entitled to repay any drawn loan at any time on notice and there are similar non-financial covenants, including restrictions