AFLYY Air France ADS (PK)

By Giulia Petroni

Air France-KLM has reached an agreement with the French government and a syndicate of nine banks to repay early 1 billion euros ($996 million) of the EUR3.5 billion outstanding on its French state-backed loan.

"The solid improvement in operating performance over the first nine months of the year has allowed the group to accelerate the repayment of financing received during the Covid-19 crisis," it said.

The Franco-Dutch carrier said the amount includes EUR800 million for settlement of the tranche maturing on May 6, 2023, and EUR200 million of the tranche maturing on May 6, 2024. The total outstanding amount is now EUR2.5 billion.

This early repayment is set to improve the group's debt profile by reducing financial costs and limiting exposure to floating rates, according to the carrier.

In December 2021, Air France-KLM made an early repayment of EUR500 million out of the initial EUR4 billion outstanding.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 07, 2022 12:40 ET (17:40 GMT)

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