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- Release Date: 30/08/13 12:51
- Summary: GENERAL: AIR: Major Shareholders Support Virgin Australia
- Price Sensitive: No
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AIR
30/08/2013 10:51
GENERAL
REL: 1051 HRS Air New Zealand Limited (NS)
GENERAL: AIR: Major Shareholders Support Virgin Australia
Air New Zealand advises that it has agreed to support Virgin Australia
Holdings Limited (Virgin Australia or Company) by contributing to new
unsecured term loan facilities. Air New Zealand (NZX: AIR), Etihad Airways
and Singapore Airlines (SGX: SIA) will each separately provide funding, as
part of a program to further supplement and diversify Virgin's liquidity
position.
The facilities are for an aggregate amount of AUD90 million with pro rata
contributions from each shareholder based on their current relevant interest.
The facilities are for a term of one year and based on arms-length commercial
terms.
The commitments are subject to certain conditions precedent that are
customary for transactions of this nature including the preparation and
execution of the final transaction documentation by all parties, which is
expected to occur within the next four weeks.
ENDS
Media Contacts:
Marie Hosking ph 64 9 336 2759
End CA:00240468 For:AIR Type:GENERAL Time:2013-08-30 10:51:59
