Manufacturing Industry
Qantas refinances its bank debt to AUD1.9bn
Airline Industry Information, Oct 6, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Australian carrier Qantas Airways has refinanced AUD2.1bn of bank debt to a smaller facility after it decided that it did not need the extra funds offered by its previous facility.
The new AUD1.9bn facility was confirmed at the start of October 2004 after being chosen in August 2004. The new facility provides a AUD500m standby facility and the remaining AUD1.4bn split between four and five and a half year term and revolving loans.
A spokesperson for Qantas said that the refinancing revealed the financial world's confidence in the airline. The deal was heavily oversubscribed by about 40 banks which were reduced to 33, reports AAP.
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