NEW YORK, March 28, 2023--(BUSINESS WIRE)--Crédit Agricole CIB has closed a new $100MM 3-year Senior Secured Revolving Credit Facility with Allegiant Travel Company, acting as Sole Arranger and Bookrunner.
Allegiant is a longstanding client of the Bank, with this Senior Secured Revolving Credit Facility being the foundation of its relationship with the Company since 2015. With this latest refinancing, the transaction will continue to further enhance Allegiant’s liquidity position and will support the Company’s order book and introduction of new technology assets.
Following Allegiant’s recent release of its inaugural ESG report in December 2022, this Senior Secured Revolving Credit Facility will align with the Company’s ongoing ESG initiatives. For the first time, the transaction will include a requirement for Allegiant to gradually secure a portion of the Borrowing Base exclusively with new-technology assets over the term of the facility as it takes delivery of its new MAX 7/8 aircraft and LEAP 1B engines over the next three years.
"Credit Agricole CIB has been an important partner in supporting our fleet and financing initiatives since 2015. We are pleased to have closed this new facility with the bank as we prepare to begin taking deliveries from our Boeing orderbook later this year," says Robert Neal, Senior Vice President and Chief Financial Officer at Allegiant. "The new collateral requirement in this financing highlights our commitment to reducing emissions through introduction of new technology equipment."
"We appreciate the partnership with Allegiant and are delighted to continue our support of the Company’s fleet investments and new-technology initiatives with this new facility," says Thomas Jean, Managing Director, Senior Banker at Crédit Agricole CIB,
Allegiant Travel Company ("Allegiant") is listed on the NASDAQ ("ALGT") and is a low-cost US airline headquartered in Las Vegas NV, focused on domestic leisure travel and services to residents of under-served cities in the US. The Company currently operates a fleet of 124 Airbus A320ceo family aircraft and recently announced the order of up to 100 Boeing 737 MAX aircraft.
Allegiant Travel Company
Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic roundtrip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF
About Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB)
Crédit Agricole CIB is the corporate and investment banking arm of Credit Agricole Group, the 10th largest banking group worldwide in terms of balance sheet size (The Banker, July 2022). More than 8,900 employees across Europe, the Americas, Asia-Pacific, the Middle East and Africa support the Bank's clients, meeting their financial needs throughout the world. Crédit Agricole CIB offers its large corporate and institutional clients a range of products and services in capital markets activities, investment banking, structured finance, commercial banking and international trade. The Bank is a pioneer in the area of climate finance and is currently a market leader in this segment with a complete offer for all its clients.
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For further information, please contact:
Jenna Lee - Head of Communications for the Americas, Crédit Agricole CIB
Crédit Agricole CIB Americas
Tel: + 1 212 2617328