Lufthansa Signs $2.2 Billion Revolver

Madhu Unnikrishnan
April 11th, 2022 at 12:01 AM EDT

  • The Lufthansa Group has signed a €2 billion ($2.2 billion) unsecured syndicated revolving credit facility. Chief Financial Officer Remco Steenbergen said the revolver, which replaces €700 million in undrawn bilateral credit lines, will help achieve the group’s €6-8 billion liquidity target. The facility has a three-year tenor with two one-year extensions. HSBC, Landesbank Baden-Württemberg, and UniCredit Bank were coordinating bookrunners and mandated lead arrangers.
  • Gol will boost capital with an up to 2.9 billion Brazilian reais ($611 million) through the issue of up to 67.3 million preferred shares. Existing shareholders have until May 13 to subscribe the the issue, after which shares will be offered to third parties.
  • Ryanair has honed its guidance for the 2022 fiscal year that ended in March, and now expects a €350-400 million ($382-436 million) net loss. That is the higher end of its previous €250-450 million loss guidance. Passenger numbers just missed Ryanair’s 100 million target at more than 97 million. Speaking earlier in April, Group CEO Michael O’Leary said he expects fares to be at 2019 levels this summer on lower industry capacity.
  • The U.S. Commerce Department said Aeroflot, UTAir,  and Azur Air violated export controls in operating several aircraft outside Russia, including to destinations in India, the United Arab Emirates and Saudi Arabia, and to Armenia and other countries neighboring Russia. The department says the three airlines continue to operate aircraft subject to sanctions without authorization, and is moving to levy penalties on the carriers. U.S. export controls apply to any aircraft with more than 25 percent of its components built in the U.S., which encompasses all Boeing, Airbus, and Embraer aircraft.

Edward Russell & Madhu Unnikrishnan

Madhu Unnikrishnan
April 11th, 2022 at 12:01 AM EDT

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