Ryanair becomes debt free after repaying final EUR1.2 billion bond

(Alliance News) - Ryanair Holdings PLC said it is now "effectively debt free" after repaying its final EUR1.2 billion bond on Monday, marking the first time since its 1997 flotation that the airline has no outstanding debt.

The Dublin-based budget carrier said the repayment leaves it with an unencumbered fleet of 620 Boeing 737 aircraft as it heads into what it described as a challenging summer of growth at low fares.

Chief Financial Officer Neil Sorahan said Ryanair's "fortress balance sheet" is supported by strong liquidity and BBB+ credit ratings from both Fitch and S&P.

He added: "This financial strength further widens the cost gap between Ryanair and our competitors, many of whom are exposed to expensive (long-term) debt and aircraft leases and will enable Ryanair to continue to grow traffic at much lower fares than our competitor."

The EUR1.2 billion bond was raised during the Covid-19 crisis.

The airline said it may return to bond markets in the future as it targets passenger traffic growth to 300 million annually by financial 2034 and prepares to take delivery of up to 50 Boeing MAX-10 aircraft each year from 2029 onwards.

Ryanair shares were down 1.7% at EUR25.40 in Dublin on Tuesday morning.

By Eva Castanedo, Alliance News reporter

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