One-Billion-Euro Syndicated Multi-Currency Revolving Credit Facility For Air France

9th Aug 2001

Air France yesterday signed a five-year one-billion-euro syndicated
multi-currency revolving credit facility with fifteen international banks.
One-billion-euro facility to fund Group expansion:  Following a call for tenders issued at the end of May 2001 as part of its financing plan,
Air France today closed a multi-currency revolver totalling one billion euros.
The five-year facility will fund the Group`s mid-term growth.
Diversified sources of financing: This credit facility supplements existing structured aviation finance deals and will enable the Group to diversify its sources of finance.
The facility gives Air France a flexible finance vehicle that optimizes its cash management.

International banking syndicate: The syndicate comprises fifteen leading banks: six French, three from the UK, three German, two from the US and one from Japan.
The facility was oversubscribed but Air France opted not to increase the one billion euro line, resulting in a scaleback for the participant banks.

The facility was arranged by Barclays Capital as bookrunner, Crédit Agricole Indosuez as bookrunner and documentation agent, and Natexis Banques Populaires as facility agent. Each of the three arrangers had a final take of 80 million euros.
The commitments of the other syndicating banks are as follows:
* The co-arrangers, Bank of Tokyo Mitsubishi, BNP Paribas, Citibank, Crédit-Mutuel CIC, Crédit Lyonnais, Deutsche Bank, HSBC CCF, Royal Bank of Scotland and Société Générale, each committed 71 million euros.
* KfW, as senior lead manager, committed 53 million euros.

* Bayerische Landesbank and JP Morgan Chase, as lead managers, committed 34 million euros each.

Credit profile:
The revolving credit facility can be drawn down at Air France`s discretion over five years.


The margin is an annual spread of 27 basis points over Euribor, and an annual 29.5bp
if drawdown exceeds 66% of the facility amount.
The commitment fee applied to the undrawn amount of the facility comes to an annual 11bp.


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