Smartwings airline signed a loan agreement with a syndicate of banks led by UniCredit Bank for a CZK 2 billion (approximately €76 million) loan with a maturity of six years, as part of the Covid Plus programme announced by the Czech government to mitigate the effects of the pandemic.
The loan agreement has been concluded with four banks – UniCredit Bank, Komer?ní banka, ?eskoslovenská obchodní banka and ?eská spo?itelna. The Export Guarantee and Insurance Company (EGAP) is securing secure the loan. For this guarantee, Smartwings will pay state-owned EGAP a fee of almost CZK 200 million (approximately €764,000).
A vital part of the transaction is a significant financial support from Czech shareholders, especially the Unimex Group, without which it would not be possible to draw the loan from EGAP. The restructuring measures adopted by Smartwings, including support from lessors, bring Smartwings an additional approx. CZK 5 billion.
These measures together with the EGAP loan exceed CZK 7 billion. This amount significantly exceeds Smartwings’ due payables and creates a sufficient financial reserve for a full restoration of air traffic.
