Air France-KLM Group and Air France have refinanced a €1.1 billion ($1.3 billion) syndicated revolving credit facility launched in April 2015 with 18 banks.

The facility’s first tranche was due to mature in April 2018.

Air France-KLM says the early refinancing enables the airline group and its subsidiary Air France to take advantage of favorable market conditions and to continue benefiting from a flexible financing tool to optimise their cash management.

Two €550 million tranches make up the new credit facility: one for an initial period of three years, with two one-year extension options; and one for a duration of five years.

The syndicate comprises: Banca Monte Paschi Belgio, Banco Sabadell, Bank of China, BFCM, BNP Paribas, Caisse d'Epargne, CIC, Citi, Commerzbank, Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, Natixis, Santander and Societe Generale.

Natixis acted as documentation agent and facility agent.

Source: Cirium Dashboard