LAN secures $160m loans in first half

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LAN Airlines secured committed credit lines for $160 million during the first half of this year.

As at 30 June 2011, the Group's pre-delivery payments totalled $977.6 million, $514.6 million of which were funded directly by LAN.

During the second quarter LAN took delivery of one new Airbus A320-200 aircraft. In the first quarter it received three Airbus A319s, six Airbus A320-200s as well as one Boeing 767-300F freighter.

Capital expenditure is estimated at $841 million for 2011 and LAN anticipates delivery of 10 additional A320 Family aircraft as well as three 767-300s during the second half.

The Group says it sold three of the five Airbus A318s in the first half.

LAN ended the second quarter with $375.3 million in cash and cash equivalents representing 7.3% of revenues for the last 12 months. In the first quarter it generated $388.5 million cash and cash equivalents.

Total net debt reached $3.18 billion at the end of the second quarter, up from $2.52 billion at the end of 2010.

The Group posted a $15.9 million net income during the three-months' period, down from $60.6 million in last year's corresponding period.