ITA Airways is in negotiations with several banks, including Unicredit, Bper, Mps, Santander, and Agricole Italia, for the opening of a credit line. The aim is to secure €300m in financing, with 80pc guaranteed by Sace, a company owned by the Italian Ministry of Economy and Finance (MEF).
The proposed credit line will have a duration of six years and is expected to be disbursed quickly due to ITA Airways having a very low level of debt.
The financing will enable ITA Airways to expand its fleet, which currently consists of 82 aircraft. The plan is to increase the fleet to 95 aircraft by the end of 2024.
The addition of seven new aircraft will allow ITA Airways to renew its fleet by replacing older generation planes with a mix of leased and owned aircraft. This strategy aims to reduce operating costs related to fuel consumption and maintenance.
