ITA Airways has successfully concluded a financing transaction for €80 million, marking a crucial milestone in its strategy for fleet expansion. The funds, secured through a private placement bond issue, will be utilised for the acquisition of ITA Airways’ first owned aircraft, an Airbus A330-900. This significant step follows positive financial results, contributing to the airline’s growing credibility with investors and financial institutions.
The private placement bond issue was finalised with Castlelake, a global alternative investment firm renowned for its 18 years of experience in aviation asset investment and management. The Airbus A330-900, known for its light, quiet, and fuel-efficient new-generation design, aligns with ITA Airways’ commitment to environmental sustainability by delivering a 25% reduction in fuel consumption and CO2 emissions per seat compared to previous models.
In addition to this financing, ITA Airways secured a €90 million loan from a consortium of Italian banks, supported by a SACE guarantee, aimed at furthering the company’s fleet and network expansion. Antonino Turicchi, Chairman of ITA Airways, expressed satisfaction with these transactions, emphasising their alignment with the company’s strategy of combining shareholder equity with a balanced contribution of debt capital.
The successful financial initiatives reflect ITA Airways’ positive performance in 2023, fostering increased credibility with banks and investors. Turicchi highlighted the pivotal role of these transactions in advancing the company’s Industrial Plan, intending to return to profitability sooner than anticipated.
Looking ahead to 2024, ITA Airways plans to continue exploring asset-backed financing operations, consistent with the Industrial Plan. Talks have already commenced with various financial entities to replicate successful models, ensuring up to 80% coverage of the purchase value for new-generation aircraft. This approach resonates well with the financial market, as the demand for eco-friendly aircraft rises due to their low fuel consumption, reduced operating costs, and diminished emissions.
ITA Airways aims to position itself as the greenest carrier in Europe by the end of the 2023-2027 Strategic Plan, with a target of having 90% of its fleet composed of environmentally friendly aircraft. These aircraft are projected to consume 25% less fuel and produce 25% fewer CO? emissions, contributing to a substantial reduction in the company’s carbon footprint.
