Almost a week after America’s largest airlines reached a bailout deal with the US Treasury, further details have emerged of the low interest rates the carriers will pay for taxpayer funding aimed at seeing them through the coronavirus pandemic.
Chicago-based United Airlines said on Monday it would pay a rate of 1 per cent in interest on $1.5bn of funding for the next five years, after which the terms will reset to a rate tied to market interest rates.
United said the terms for its loans matched what the government had offered to other carriers receiving funds as part of a $50bn aid package. The Treasury has also agreed to give large grants to airlines to help cover payroll costs.
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