Italy's ITA Airways secures $240mn in private credit finance

A "wholly-owned subsidiary" of ITA Airways (AZ, Rome Fiumicino) has achieved US$240m in private credit financing from AIP Capital, a loan that is secured by three new A330-900N aircraft with Rolls-Royce Trent 7000 engines, the airline announced. In a statement on August 29, ITA Airways chairman Antonino Turicchi labelled the deal as another step in the airline's expansion strategy, reflecting improved credibility with banks and investors. "This agreement represents a significant milestone in the expansion of ITA Airways' new-generation fleet," he said, "and is in line with the strategy of combining equity with a balanced contribution of debt capital. The transaction represents a further step forward in our growth strategy, made possible by increasing credibility with banks and investors, acquired thanks to the positive performance recorded in 2023 and the first half of 2024." The arrangement is "a tailored finance solution" to support the modernisation of ITA Airways' fleet, explained Michael Kittle, managing director and head of private credit at AIP Capital. The firm specialises in alternative investments in the aviation sector, with offices in Stamford (UK), Dublin, and Singapore. Since the start of operations in October 2021, ITA Airways has made significant progress in its fleet renewal, with 58% now consisting of new-generation aircraft, resulting in a 25% reduction in fuel consumption and CO2 emissions, the statement read.<br/>