TAP “private” €360M loan

The Government is said to be on the point of closing a “private” loan to Portuguese airline TAP.

The loan will be made through a bank syndicate involving State-owned bank Caixa Geral de Depósitos (CGD) and Santander according to the newspaper Jornal Económico.
The two national banks offered the best conditions for the loan which is State-backed.
According to sources quoted by the newspaper, contacts had been made with various entities — national and overseas — at the end of last year, but the operation will be actually closed with CGD and Santander because they “offered better rates”.
This private financing which has State backing, and a maturity of 1 year, should be completed by the end of next week.
This loan of €360 million adds to the €536 million that were injected into TAP at the end of 2021 through a capital increase.