Positive results enhance financial credibility.
ROME – ITA Airways announces the finalisation of a financing transaction in the form of a 80 million euros private placement bond issue for the purchase of its first owned aircraft, an Airbus A330-900. This transaction was concluded with funds managed by Castlelake, a global alternative investment firm with more than 18 years of experience investing in, financing and managing aviation assets.
The A330-900 is a light, quiet and efficient new-generation aircraft, delivering 25% less fuel consumption and CO2 emissions per seat compared to previous generation aircraft.
This initiative complements the loan of 90 million granted to the company by a pool of Italian banks, backed by a SACE guarantee, to support the Company’s development in terms of fleet and network expansion.
“We are very pleased to have concluded these important transactions, which are in line with ITA Airways’ strategy of flanking shareholder equity with a balanced contribution of debt capital,” said Antonino Turicchi, Chairman of ITA Airways. “The access to financial instruments was possible thanks to an increasing credibility with banks and investors which was acquired through the positive performance recorded in 2023. This marks a fundamental step in the development path outlined in the Industrial Plan, which aims to bring the company back to producing profits soon, possibly ahead of the Plan itself.”
For 2024 ITA Airways also plans to continue in this direction, having already initiated talks with various players in the financial world in order to replicate, as envisaged in the Industrial Plan, additional asset-backed financing operations, which will guarantee coverage of up to 80% the purchase value of new-generation aircraft.
The financial market is showing particular interest in this kind of operation, since new-generation aircraft are highly demanded due to their low fuel consumption, lower operating costs, and reduced emissions, enabling a significant reduction in carbon footprint. By the end of the 2023-2027 Strategic Plan, the company is aiming to have 90% of its fleet composed of environment-friendly aircraft, consuming 25% less fuel and producing 25% less CO₂ emissions, to become the greenest carrier in Europe.
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