The Flight Centre Travel Group (ASX:FLT) announced that it has secured access to a debt facility of up to GBP65 million. The funds are planned to be drawn when needed to help offset the impact of COVID-19 on the UK business.
The funding has been made available to FLT via the Bank of England’s Covid Corporate Financing Facility. The program has been employed to support short-term liquidity among firms as they work to overcome disruption caused by the virus and the restrictions that are in place to slow its spread.
The initial notes issued under the facility shall mature in March 2021 and must be capable of being extended for a year through the issue of further notes under the facility.