As of January 29, 2024, the airline has repaid a further €10.1 million of the syndicated loan, guaranteed by 70% by the Instituto de Crédito Oficial (ICO). In this installment, Volotea has also paid €5.2 million in interest, which represents a total amount of €15.3 million paid between capital and interest.
Considering all the repayments made to date, including an €8.7 million capital payment and €4.7 million interest payment made in July 2023, Volotea's total payments amount to €58.4 million inclusive of capital and interest (24% of the total loan capital). As a result, four years after the concession of the syndicated loan, the airline continues to fulfill its commitment and remains on track with timely repayments.
Stephen Rapp, Chief Financial Officer of Volotea, said: "Volotea is meeting all its contractual commitments within the expected timeframes, demonstrating its strength. The company had to secure an exceptional loan back in 2020 to mitigate the economic impact of the pandemic, but the resilience of its operations, especially in 2023, has driven a recovery. For 2023, we anticipate a final revenue of approximately €700 million, a 26% growth compared to 2022, and will generate historic margins for a company with just over ten years of existence."
Following the specified amortization schedule in the contract, the outstanding capital after this payment is €109.9 million. Volotea operates on a fixed and specific credit repayment schedule. In line with this, the repayment has nine further installments remaining, scheduled for January and July of each year, to reach complete repayment by July 2028.
Tags: Stephen Rapp, Volotea
