Deutsche Lufthansa AG has signed its first Revolving Credit Facility with a broad syndicate of international relationship banks.
The total facility amount is 2.0 billion euros and will be available for a period of three years plus two one-year extension options. Other than customary group guarantees, the facility is unsecured, has no financial covenants and serves as undrawn back-up liquidity. It replaces existing undrawn bilateral credit lines of approx. 0.7 billion euros. The facility therefore further increases available liquidity of Lufthansa Group by approx. 1.3 billion euros.
Remco Steenbergen, Chief Financial Officer of Deutsche Lufthansa AG, says:
“The signing of our first syndicated revolving credit facility further strengthens our liquidity reserve, increases the efficiency of our balance sheet in securing our liquidity target of 6-8 billion euros and demonstrates our strong long-standing relationships with our core banking group.”
HSBC Continental Europe S.A., Landesbank Baden-Württemberg and UniCredit Bank AG acted as coordinating bookrunners and mandated lead arrangers.