Allen & Overy advises Flight Centre Travel Group on AUD200 million of bilateral facilities
01 May 2020
Allen & Overy has advised Flight Centre Travel Group Limited (Flight Centre), Australia’s largest travel agent, in respect of an additional AUD200 million of bilateral facilities, with the loan proceeds to be used to ensure Flight Centre has the necessary liquidity to manage the business through the significant disruption to the global travel industry caused by the Covid-19 pandemic.
The additional bilateral facilities are being provided by Flight Centre’s existing lenders. Together with Flight Centre’s equity capital raising and its cost reduction and cash preservation measures, the additional facilities will enable Flight Centre to continue to trade through this period and deliver its travel services to corporate and leisure customers, both in Australia and in its global operations across 23 countries.
The Allen & Overy team assisting Flight Centre comprised Sydney partners James Abbott and Adam Stapledon with senior associate, Victoria Eriksson and lawyers, Alexandra Ioppolo and Alissa Lucas.
For further information, please contact James Abbott.