British Airways

British Airways - UKEF Covered Loan

Borrower (s)
British Airways
Industry
Transport/Aircraft
Area of finance
Export & Agency Finance
Region
Europe
Countries
United Kingdom

Deal Overview

GBP 1.0bn 5-year facility issued under the UKEF Export Development Guarantee (EDG) scheme, with an 80% aggregate guarantee from UKEF.UKEF "Our export development guarantee (EDG) for British Airways has strong sustainability conditions attached. It was our first ever sustainability-linked EDG....

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GBP 1.0bn 5-year facility issued under the UKEF Export Development Guarantee (EDG) scheme, with an 80% aggregate guarantee from UKEF.


UKEF "Our export development guarantee (EDG) for British Airways has strong sustainability conditions attached. It was our first ever sustainability-linked EDG. HSBC and UKEF are tracking their performance on aircraft fuel efficiency and ensuring they are fully aligned with the company's sustainability strategy and transition pathway to net zero by 2050 as part of the EDGs. As part of this, the EDG come with sustainability conditions, whereby BA get more favourable terms if they perform well against sustainability targets, and are penalised if they do not. We therefore think this qualifies for GL6: Clean transportation


Audrey-->Noted the comments from the Bank and ECA - Assuming the fuel efficient enables a reduction of emissions compared to the normal course of business. In this case, can be considered as Sustainable

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Deal Volume
$ 1.37bn
Financial Close
01 November 2021
Sources
Submitted by participant(s), Press release

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