Azul Secures Up to R$2.66 Billion in BNDES Financing

Azul has finalized a loan agreement with the Brazilian Development Bank, BNDES, providing the airline with access to up to R$2.66 billion in long-term financing through Brazil’s National Civil Aviation Fund, or FNAC.

The carrier received an initial disbursement of approximately R$1.3 billion on September 29, with a further R$1.3 billion expected to become available during the fourth quarter of 2026.

The financing has a term of up to five years and will provide additional liquidity as Azul continues its liability-management initiatives and executes its longer-term financial strategy.

As part of the transaction, Azul is prepaying approximately R$400 million of an existing higher-cost obligation, allowing the airline to replace that debt with the new financing.

The FNAC facility adds to Azul’s available liquidity while extending its financing profile and reducing the cost associated with part of its existing obligations.