March 24, 2020 / 11:03 PM / 10 days ago

Qantas secures $628 mln against its aircraft fleet to boost liquidity

SYDNEY, March 25 (Reuters) - Qantas Airways Ltd said on Wednesday it had secured A$1.05 billion ($628 million) of funding against its aircraft fleet to help strengthen its financial position as it grapples with a plunge in demand due to the coronavirus pandemic.

The loan has a tenure of up to 10 years, an interest rate of 2.75% and contains no financial covenants in line with the rest of the Qantas debt book, the airline said.

The carrier said it had A$2.95 billion of cash, another A$1 billion undrawn credit facility and a further A$3.5 billion of unencumbered assets available. ($1 = 1.6714 Australian dollars) (Reporting by Jamie Freed; Editing by Himani Sarkar)

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