Republic Airways Holdings announced that, along with its subsidiaries, Frontier Airlines and Lynx Aviation, it has entered into a credit agreement with Airbus Financial Services on 30 October 2009.
Airbus is providing a $25 million loan to Frontier, and Republic Airways Holdings has agreed to act as parent guarantor. The term is three years.
Frontier plans to utilize the proceeds of the loan for its general working capital requirements.
At 30 September 2009 Republic Airways Holdings had $148.7 million in cash, of which $63.2 million was restricted. This compares to $130.9 million in cash, of which $1.2 million was restricted as of 31 December 2008. The Company's long-term debt decreased to $2.23 billion as of 30 September 2009 compared to $2.28 billion at 31 December 2008.
To read the full story please visit the Commercial Aviation Online website.
Source: Commercial Aviation Online
