British Airways has received commitments for a five-year term-loan Export Development Guarantee Facility of £2.0 billion underwritten by a syndicate of banks, partially guaranteed by UK Export Finance (UKEF). Parent International Airlines Group (IAG) announced on December 31, 2020 that British Airways expects to drawdown the facility in January 2021 subject to agreement of final terms with the lenders and UKEF. British Airways is entitled to repay the loan at any time on notice. The arrangement contains some non-financial covenants, including restrictions on dividend payments by the airline to IAG. In a statement, IAG CFO Stephen Gunning said that the

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