KLM finalizes a new 665 million euro revolving credit facility
KLM today signed a 665 million euros standby revolving credit facility with 12 international banks, finalizing the early refinancing of its credit facility, which was due to mature in July 2020.
The new facility has a tenor of 5 years (plus two one-year extension options) and shows improved terms compared to KLM’s existing facility.
The syndicate includes 12 leading banks. ABN AMRO and Rabobank acted as Coordinators. Bank of China, Bayerische Landesbank, Citigroup, Industrial and Commercial Bank of China and ING bank joined the transaction as Bookrunning Mandated Lead Arrangers. BNP Paribas, Crédit Agricole Corporate and Investment Bank, Groupe Crédit Mutuel-CIC, HSBC and Lloyds bank participated in this credit facility as Mandated Lead Arranger. Rabobank remains the Facility Agent.
The successful renewal of the KLM standby revolving credit facility is an important element of KLM’s financing and liquidity strategy and as such supports the Air France-KLM group financing structure. The improved terms are clearly a reflection of KLM’s improved credit profile. We are grateful that the participating banks continue their commitment towards KLM, which shows the strong relationship between KLM and the banks.