Jet2 has agreed a new line of credit worth up to £300 million with a group of banks.
The new revolving credit facility (RCF) has been secured with Barclays Bank, Lloyds, HSBC and National Westminster.
The operator said in a statement to the London Stock Exchange on Wednesday: “The RCF which is unsecured, provides the group with available facilities of up to £300 million, which is an increase on its previous RCF of £100 million.
“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 £150 million which was due to mature in September 2023, with the new RCF remaining undrawn.”
Jet2 executive chairman Philip Meeson said: “We are delighted to build on our existing relationship with Barclays Bank, Lloyds Bank and HSBC UK Bank and to welcome National Westminster Bank 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.”
The disclosure coincided with the UK’s second largest travel group putting more than 15 million seats on sale for summer 2024, just days after placing an order for 35 more Airbus aircraft worth almost $4 billion.