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Sweden provides guarantee for SAS AB
Press release 5 May 2020
The Swedish National Debt Office has now issued a credit guarantee of SEK 1.5 billion to SAS AB. The guarantee is a joint action in which the Danish state undertakes an equal guarantee commitment.
The loan being guaranteed is a revolving credit facility. This means that the borrower can draw on repaid credit again up to the maximum amount.
The Swedish state and the Danish state guarantee up to 90 per cent of the loan amount, although to a maximum of SEK 1.5 billion from each state. The credit facility enables a liquidity injection of SEK 3.33 billion for SAS AB.
The credit facility and the state guarantees expire on 20 April 2023.
Background
To mitigate the economic impact of the coronavirus, the Debt Office, on behalf of the Government, is providing credit guarantees to airlines. The credit guarantees may amount to a maximum of SEK 5 billion in total, of which a maximum of SEK 1.5 billion may apply to SAS AB.
On 24 April 2020, the European Commission approved the framework for Sweden’s state guarantee for SAS AB. Guarantee agreements have now been entered into with the lenders and SAS AB.
The guarantee for SAS AB is the first guarantee to be signed under the aviation guarantee scheme. The Debt Office has contacted all companies that are in the target group for state guarantees to airlines and is working to be able to promptly provide additional guarantees.
Contact
Press telephone: + 46 8 613 47 01