On Oct. 26, British Airways concluded arrangements for a long term multiple option facility for US$1.7 billion. The facility will be used to finance aircraft delivered over the next five years.

The facility will be provided by a diverse group of international banks from China, Japan and Europe, comprising Bank of China, Industrial and Commercial Bank of China Limited, Bank of Tokyo-Mitsubishi UFJ, Ltd., Mitsubishi UFJ Trust and Banking Corporation, Mizuho Corporate Bank, Ltd., Sumitomo Mitsui Banking Corporation, Calyon, Commerzbank AG, ING Bank NV, BNP Paribas and the Royal Bank of Scotland Plc.

"The size and flexibility of this facility bears testament to the banking community's continued support for BA, especially in the current difficult credit markets, and we are delighted to have concluded this strategically important facility with both existing relationship banks and new partners," said George Stinnes, BA's group treasurer.

ING Bank NV will act as Documentation Agent for the banks, with the Royal Bank of Scotland Plc acting as Facility Agent and Calyon assuming the role of Security Agent.

The airline was advised in the structuring of the facility by Spectrum Capital London Limited with legal advice provided by Slaughter and May for the airline and Norton Rose LLP for the banks.