AUSTRALIAN flag carrier Qantas yesterday secured more than AU$1bn (£501m) worth of new funding as the airline seeks to bolster its financial position against the ongoing coronavirus disruption.

The debt, which has been taken out against seven of the airlines' 787-9 planes, will hold for 10 years at an interest rate of 2.75 per cent.

This funding means Qantas' available cash balance has increased to AU$3bn with an additional AU$1bn undrawn facility also available.

Shares in the carrier closed 26 per cent higher on the back of the news.

(c) 2020 City A.M., source Newspaper