Air France-KLM exercises accordion, extends revolvers by one year

By Marisa Wong

Los Angeles, April 17 – Air France-KLM, Air France and KLM increased and extended their two revolving credit facilities linked to ESG key performance indicators signed in April 2023.

Air France-KLM and Air France were borrowers under the €1.2 billion sustainability-linked revolver with an initial 2026 maturity. The companies executed one of the two one-year extension options, extending the maturity to 2027, and exercised €90 million of the €100 million accordion option, bringing the total size of the sustainability-linked revolver to roughly €1.3 billion.

Credit Agricole CIB and Natixis were jointly acting as global coordinators, ESG coordinators and documentation agents for the sustainability-linked revolver. The syndicate now includes 16 international banks, expanded from the original 15.

KLM is the borrower under the €1 billion ESG KPI-linked revolver with an initial 2027 maturity. The company carried out one of the two one-year extension options, extending the revolver to 2028.

ABN AMRO, ING and Rabobank (document agent) were the RCF coordinators, with Credit Agricole acting as coordinator for the ESG targets. KLM’s revolver was concluded with a syndicate of 14 international banks.

The airline is based in Tremblay-en-France, France.

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