£300m revolving credit facility agreement to provide extra flexibility for Jet2

Jet2 plc has entered into a new Revolving Credit Facility (RCF) with Barclays Bank plc; Lloyds Bank plc; HSBC UK Bank plc and National Westminster Bank plc.

The RCF which is unsecured, provides the group with available facilities of up to £300m, which is an increase on its previous RCF of £100m.

The Board has also considered the group’s current liquidity position and medium term liquidity requirements and consequently has repaid in full the Group’s short term loan facility of £150m, which was due to mature in September 2023, with the new RCF remaining undrawn.

Jet2’s executive chairman Philip Meeson, said: “We are pleased to build on our existing relationship with Barclays Bank plc, Lloyds Bank plc and HSBC UK Bank plc and to welcome National Westminster Bank plc as a key financing partner of the group.

“The increase in the RCF reflects the considerable growth of the Jet2 business and will also provide the group with additional financial flexibility for the future.”

As previously reported this week, the travel and tourism business has reached a deal with Airbus to buy 35 new A320 neo aircraft with the ability for this order to extend to up to 71 aircraft.