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Icelandair Cancels Pandemic Credit Line
- In the latest sign the international travel recovery is firmly underway, Icelandair has cancelled a $120 million credit facility from Íslandsbanki and Landsbanki that was backed by the Icelandic government. The two-year revolver was extended to the airline in September 2020 to help it navigate the Covid-19 crisis. Icelandair never drew on the facility though CEO Bogi Nils Bogason said its availability was a “key component” in the carrier’s financial restructuring.
- Regional Silver Airways has closed a $50 million private placement of senior secured convertible notes that completes its recapitalization efforts. With the capital in hand, the Florida-based carrier has resumed deliveries of new ATR 42-600 aircraft — it had 11 at the end of 2021 — finalized the integration of Seaborne Airlines that it acquired in 2018, and is “poised to undergo rapid and dramatic expansion,” said CEO Steven Rossum. Jeffries arranged the financing, and the notes were purchased by funds and accounts managed by Brigade Capital Management.