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Azul announces US$200 million credit facility with OPIC to finance engine maintenance
São Paulo, April 3, 2019 - Azul S.A. announces the closing of a US$ 200 million senior unsecured credit facility with Overseas Private Investment Corporation (OPIC), an agency of the United States that helps American businesses invest in emerging markets. The facility will be used to finance engine maintenance of Azul’s Embraer fleet, performed at GE’s Celma facility in Rio de Janeiro, Brazil.
"We are very pleased to be the first airline in the world to make this type of transaction with OPIC. This new source of financing will help us optimize our liquidity position and the maintenance process of our E-Jet engines, further strengthening our partnership with GE Celma. I want to thank OPIC for helping us bring air service to an increasing number of destinations in Brazil," said Alex Malfitani, Chief Financial Officer of Azul.
"With OPIC’s support, Azul can better access Brazil’s underserved regions and help spur economic growth and development," said OPIC Acting President and CEO, David Bohigian. "OPIC is proud to partner with Azul, the only air service provider in a majority of the markets that it serves, to support development in underserved regions of Brazil."
Azul is the largest airline in Brazil by number of destinations served, reaching more than 100 cities in the country. With the help of its fleet of regional aircraft, Azul is able to reach remote communities, opening up new routes that had no air-service before. As a result, Azul bet on regional aviation and helps to development of several micro-regions in the country.
JP Morgan was the sole coordinator of the transaction.
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