Finnair repays €400 million state-backed loan

Finnair has repaid the remained of the €400 million loan granted by the State of Finland with the proceeds from the airline’s recent rights offering that raised €570 million. Finnair and the State of Finland signed an agreement on a hybrid loan of maximum €400 million to support Finnair due to the COVID-19 pandemic in March 2021. In April 2022, the hybrid loan instrument was converted to a capital loan that was deemed an equity instrument. Both arrangements had the approval of the EU Commission’s competition authority in line with the European Union’s state aid rules. Finnair drew down the